The main reason for Aspo's 2023 EBIT guidance downgrade on 12 May was ESL Shipping, but the outlook is also challenging for the Telko and Leipurin segments. New EBIT guidance is EUR 25-35m for the full year, which is a relatively wide range. We downgrade our EBIT forecast for this year by 16%, to EUR 32m. The exit from Russia went better than anticipated but rising interest rates, inflation and economic uncertainty are taking their toll on the business operations. After updating our estimates, we calculate a new fair value range of EUR 8.0-9.8 (9.1-11.1) per share for Aspo, based on an equal weighting of our DCF, P/E and SOTP valuations. Marketing material commissioned by Aspo.
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