Aspo was not able to sell ESL Shipping at a reasonable price, and so both segments will be listed as separate companies. Independent Telko could even reach higher valuation multiples in 2027 than it could as part of the Aspo group. The planned demerger is expected to gain approval at the extraordinary general meeting, likely on 7 December 2026. For Q3, we expect clear growth in net sales and adjusted EBITA on a y/y basis. We believe that Aspo could even upgrade its full-year 2026 guidance alongside the Q3 report. Our estimates point to a fair value range of EUR 7.1-8.7, based on an equal weighting of our DCF, P/E and SOTP valuations. Our current forecasts still include both segments.
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