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Net sales were in line with our expectation, but clean EBITA was a bit weaker than we had forecast for Q4. The ESL Shipping and Telko segments were somewhat weak in Q4. The market weakness could continue in H1 2025, so we lower our full-year EBIT forecast by EUR 2m. The company will reduce investments and concentrate on improving its profitability in 2025. Net debt to EBITDA is already close to 3x, so there is very little room for further acquisitions. The dividend proposal was EUR 0.19. Our new estimates point to a fair value range of EUR 6.3-7.7 (6.6-8.1), based on an equal weighting of our DCF, P/E and SOTP valuations. Marketing material commissioned by Aspo.
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