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Aspo

7.50 EUR

-6.25 %

5,437 following
Corporate customer

ASPO

NASDAQ Helsinki

Conglomerates

Industrials

-6.25 %
+6.23 %
+15.03 %
+10.95 %
+29.31 %
+49.40 %
-10.61 %
-18.83 %
+442.57 %

Aspo operates in the transport and logistics industry. The company is run as a conglomerate with the vision of being an active player in the acquisition and development of companies, mainly in the growth markets of Eastern Europe. The industries in which the company has interests include, for example, the grocery retail, industry, and the IT sector. The headquarters are located in Helsinki.

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Market cap
235.65M EUR
Turnover
232.12K EUR
P/E (adj.) (25e)
13.17
EV/EBIT (adj.) (25e)
13.53
P/B (25e)
1.55
EV/S (25e)
0.74
Dividend yield-% (25e)
3.47 %
Coverage
Recommendation
Buy
Target price
7.80 EUR
Updated
31.12.2025
Disclaimer
Kasper Mellas
Kasper Mellas

Analyst

Latest research

Latest analysis report

Released: 03.11.2022

Revenue and EBIT-%

Revenue M

EBIT-% (adj.)

EPS and dividend

EPS (adj.)

Dividend %

Financial calendar
16.2
2026

Annual report '25

17.4
2026

General meeting '26

20.4
2026

Annual dividend

Risk
Business risk
Valuation risk
Low
High
ShowingAll content types
Third party research

Aspo: ESL and Telko below our estimates - Evli

Aspo’s EUR 8.9m Q4 comparable EBITA landed clearly below our EUR 12.1m estimate due to ESL especially, where demand still wasn’t great while there were also customer plant outages and challenging weather.

Aspo

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Third party research

Aspo: Earnings grow, multiples yet low - Evli

Aspo reports Q4 results on Feb 16. ESL should see more significant earnings gains from now on as outlook has at least stabilized, while Telko’s EBITA could gain by another EUR 2m.

Aspo
Third party research

Aspo: Target to be a pure compounder in 2027 - Nordea

The Leipurin segment was divested in August 2025 and ESL Shipping could be sold this year. A Telko compounder strategy could then be the main equity story for Aspo in 2027. Execution of the value-creation strategy could be considered successful if ESL...

Aspo
Forum discussions
I don’t see this as a major problem anymore, as the sale of Leipurin clearly strengthens the balance sheet. In principle, ESL finances its own operations, so according to comments from Aspo’s management, the remaining debts and assets would go to Telko in the event of a potential...
1/12/2026, 10:38 AM
by Kasper Mellas
14
Acquisition interest in ESL might even rise as a result of the orange one’s fixations. Yesterday, I watched shipping and rare earth companies related to Greenland rise by double-digit “hype percentages.” The Greenland deal Trump squeezed out of Europe, its schedule, and terms are...
1/23/2026, 11:14 AM
by Thiebault
10
Arvopaperi published a list yesterday of Helsinki Stock Exchange companies popular among insiders in 2025. Aspo ranked fourth on the list, based on the total net value of acquisitions and disposals (€319,340). Ahead of it were Nokia, Tokmanni, and Kamux. List of Helsinki Stock Exchange...
1/22/2026, 12:18 PM
7
Hmm.. I’m a bit skeptical about this: First of all, PANL’s total fleet DWT is 897,000 tons (slightly over) and ESL’s is 116,000 tons. So, acquiring those ESL ships would bring quite little additional capacity (it seems ESL’s ships might be too small for those plans). Secondly, I ...
1/23/2026, 12:16 PM
by KohtiVapautta
6
This demerger is quite an interesting case, and many positive drivers have been well highlighted here. However, there are still a fair number of question marks. As Kasper mused in some video, the parent company is in debt, and does the distribution of those funds threaten to eat ...
1/12/2026, 7:04 AM
by Hupsu
4
Inderes Aspo Oyj:n tilinpäätöstiedote 1.1.–31.12.2025: Merkittävä tulosparannus... Aspo Oyj Tilinpäätöstiedote 16.2.2026 klo 9.00 Aspo Oyj:n tilinpäätöstiedote 1.1.–31.12.2025: Merkittävä tulosparannus haastavassa markkinassa vuonna 2025 Tämä on tiivistelmä Aspo Oyj:n tilinp... Inderes...
5 hours ago
by Gwertheney
3
Thank you for the very comprehensive answer! The demerger seems like a very good decision considering all factors, and as the dividend matter shows, compromises have certainly had to be made over the years. Selling ESL would be quite a jackpot for shareholders, not only in terms ...
1/12/2026, 9:10 PM
by Hupsu
3
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