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Research

Aspo: Performance was wild, but future is worrisome

Aspo
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On Wednesday, Aspo published a Q3 result that was stronger than we expected. We have raised our earnings estimates for the next few years, as the report improved visibility of Telko's profitability level adjusted for Russian operations. Moreover, completed acquisitions will increase earnings in the next few years. Although the valuation is low in absolute terms, we are still cautious especially due to the significant uncertainty related to ESL’s performance.

Aspo

8.36EUR02.11.2022, 18.00
9.00EURTarget price
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Changed from:Reduce
Recommendation updated:02.11.2022

Aspo operates in the transport and logistics industry. The company is run as a conglomerate with the vision of being an active actor in the acquisitions and development of companies, mainly in the emerging markets in Eastern Europe. The industries in which the company holds interests include, for example, the grocery trade, industry, and the IT sector. The head office is located in Helsinki.

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Key Estimate Figures02.11.2022

202122e23e
202122e23e
Revenue573.3629.6586.5
growth-%14.5 %9.8 %-6.8 %
EBIT (adj.)42.454.440.8
EBIT-% (adj.)7.4 %8.6 %7.0 %
EPS (adj.)1.021.330.93
Dividend0.450.460.47
Dividend %4.0 %8.8 %8.9 %
P/E (adj.)11.14.05.7
EV/EBITDA8.65.64.7
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