Aspo sold its Leipurin segment at a relatively good price in Q3 2025. The Telko segment could still suffer from the weak market environment, we argue, but ESL Shipping improved in Q3 compared to H1 2025. Overall industrial activity is not very strong, which could put some pressure on reaching the midpoint of its full-year EBITA guidance of EUR 40m in 2025, yet this guidance of EUR 35-45m includes the Leipurin segment. The same guidance range without Leipurin could be EUR 29-39m, we calculate. We now exclude the Leipurin segment from reported figures on a pro forma basis for 2025E to follow the new reporting structure, which is also the main reason for our estimate revisions. Our long-term growth and margin assumptions point to a new fair value range of EUR 6.7-8.2 (6.3-7.7), based on an equal weighting of our DCF, P/E and SOTP valuations.
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