Q1 net sales and clean EBITA were relatively close to our expectations, but the start of the year was not easy for Aspo. Geopolitical uncertainties negatively affected the overall economic environment. Hence, we lower our 2026 forecasts slightly for ESL Shipping. Aspo maintained its outlook, guiding for 2026 EBITA of EUR >29.4m. The guidance does not look challenging, in our view. The divestment of Leipurin strengthened the company’s balance sheet, and a final outcome from the divestment of ESL Shipping could be seen by late 2026. Our long-term growth and margin assumptions still support the same fair value range of EUR 6.7-8.2, based on an equal weighting of our DCF, P/E and SOTP valuations. Yet, we note that our SOTP valuation is highly sensitive to a possible divestment price for ESL Shipping.
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