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Aspo had a weak start to the year in Q1, but yields in the dry bulk sector have been good in Q2. We still argue that the equity story is built more upon increased M&A activity. Aspo is concentrating on value creation by optimising investments and enhancing revenue growth through several divestments and acquisitions, e.g. a pooling structure in the ESL Shipping segment. Aspo's financial ambition is to reach EUR 1bn of net sales and 8% EBITA by 2028. If the strategic execution is successful, we calculate annual average EBITA growth could be 24% in 2023-28. We reiterate our fair value range of EUR 7.3-8.9 per share, while we await more news about implementation of the new strategy. Our fair value is based on equal weightings of our DCF, P/E and SOTP valuations. Marketing material commissioned by Aspo.
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