contentSlug

type

ContentPage_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentPage_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  createdAt
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
    forum {
      threadUrl
    }
    defaultInstrument {
      symbol
      id
    }
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    pageUrl
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
  ... on Webcast {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        threadUrl
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      ...ExtensiveCoverage_Company
      defaultInstrument {
        isin
        id
        symbol
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    pageUrl
    ... on CompanyReport {
      reportUrl
      researchContentUrl
      researchContent {
        title
        lang
        pdfUrl
        relatedContent {
          __typename
          ...PublishingDetails
          ...Reactions
          id
        }
        content {
          title
          lang
          htmlBody
          publishedAt
          createdAt
          changedAt
          isOutdated
          isPremium
        }
      }
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
    ...ExtensiveCoverage_Snapshot
  }
  ...TrendingContent_1jQ2Cn
}

fragment ExtensiveCoverage_Company on Company {
  id
  defaultInstrument {
    estimateData {
      researchCurrency
      estimates {
        date
        recommendation
        targetPrice
      }
    }
    id
  }
}

fragment ExtensiveCoverage_Snapshot on Content {
  __isContent: __typename
  companies {
    id
    defaultInstrument {
      snapshot {
        transaction {
          date
          recommendation
          targetPrice
        }
      }
      id
    }
  }
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


aspo-removal-of-the-conglomerate-discount-nordea

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

pageUrl

publishers

authors

reactionGroups

translations

imgUrl

description

changedAt

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.

Here is Kassu’s Aspo preview, as the company will report its Q3 results next week on Monday   Operationally, our focus is on ESL Shipping’s volume development and Telko’s margins following an exceptionally strong Q2. In addition, we are keen to see how management comments on the progress of the planned demerger and the potential brought by ESL’s recent Stegra agreement.                    Inderes – 29 Oct 26              Aspo Q3'26 -ennakko: Talouskasvu ei vielä tarjonne vetoapua - Inderes    Liiketoimintojen osalta haemme tulospäivänä suuntaviivoja ennen kaikkea kysyntänäkymän kehityksestä.

Nurminen commented that data center projects are boosting the cargo business now and in the near future (14% growth in a challenging market). Nurminen’s cargo operations appear to be concentrated more in Southern Finland, but one could assume that maritime logistics is also growing in the Bothnian Bay, given that many data center projects are located in Northern Sweden or Northern Ostrobothnia. Regarding ESL, it has generally been noted that they operate primarily on long-term contracts. Could this serve as a growth driver for the coming years? Does Inderes have any view on this? @Kasper_Mellas

As it was just discussed a moment ago, there was news related to Stegra in today’s (Sep 30) Kauppalehti: Wallenbergien keräämä miljardi ei riittänyt – Stegran terästehdas tarvitsee lisää rahaa                   Tärkeimmät talousuutiset | Kauppalehti – 30 Sep 26              Wallenbergien keräämä miljardi ei riittänyt – Stegran terästehdas tarvitsee...    Wallenbergien teollisuussuvun johtaman sijoituskonsortion oli tarkoitus pelastaa miljardisijoituksella Pohjois-Ruotsiin suunnitellun terästehtaan rakentaminen. Tarkemmassa tarkastelussa kävi ilmi, ettei tämä vielä riitä.                             In summary, as the headline suggests, the initial additional capital of one billion (the article mentioned €1.4 billion) will not be enough, but the need is greater. The owners are still involved in raising additional capital to complete the project. At the same time, the leadership is changing, and a new CEO, who is a trusted man of the Wallenbergs, is taking the helm. No timetable is given for the completion of the project. It might take a while before ESL handles the first product shipments, but hopefully, that day will still come.

I wrote an article about Aspo for Salkunrakentaja. Conglomerate Aspo Seeks to Maximize Shareholder Value Through Partial Demerger Value stock Aspo is splitting in two, with shipping company ESL Shipping being spun off into its own listed company, and the remaining parent company being named Telko Group Oyj.  Telko specializes in technical wholesale ESL Shipping grows in sea freight Valuation typical of a value stock                    SalkunRakentaja – 17 Sep 26              Monialayhtiö Aspo hakee omistaja-arvon maksimointia osittaisjakautumisella    Arvoyhtiö Aspo jakautuu kahtia, jolloin varustamo ESL Shipping irrotetaan omaksi pörssiyhtiökseen ja jäljelle jäävä emoyhtiö nimetään Telko Group Oyj:ksi.

I won’t argue about Stegra’s situation anymore; time will tell how it goes and when it starts up. However, I have a very strong view that it will be late 2027 at the earliest before we are at a point where production could begin. And that ramp-up could be slow; we must remember that a completely new way of making steel is now being done from scratch, on that scale. For those who remember Talvivaara, there is a bit of a benchmark. In the end, it is mostly about how ready the market is to pay a green steel premium. Producing it will, however, be considerably more expensive than the traditional blast furnace method, and since the entire project is heavily financed with debt, they need to be able to make money pretty quickly. Will the money and patience be enough? That’s a big question. And we must remember that right next door, another Swedish company, SSAB, is completing a similar facility, where, to my knowledge, the overall setup is considerably more credible than Stegra’s counterpart. But enough about this topic; as I wrote earlier, if all goes well, ESL will get a large and steady material flow customer from this, and if it should happen that Stegra doesn’t survive long, right next door another 2 Mt/a material flow facility is being completed—SSAB’s equivalent. So surely there will be enough to transport up there at the end of the Gulf of Bothnia in any case.

Here are Kassu’s comments on ESL Shipping’s new long-term transport agreement   Aspo announced on Monday that its subsidiary ESL Shipping has signed a long-term agreement with Stegra for the maritime transport of raw materials and finished steel products. We view the news as positive for the company, as it brings concreteness to the shipping company’s growth plans.                    Inderes – 15 Sep 26              Aspon tytäryhtiö ESL Shipping solmi uuden pitkäaikaisen kuljetussopimuksen -...    Pidämme uutista yhtiön kannalta positiivisena, sillä se tuo konkretiaa varustamon kasvusuunnitelmien taakse.

The ramp-up phase is probably coming up soon, and compared to the initial expectations, this production ramp-up shouldn’t take very long. I doubt these logistics deals are hashed out years in advance (well, maybe in the background, but in terms of public announcements). My own expectation is that actual business will happen there next year -27. ThyssenKrupp (Thyssen-Group) is at least one customer. Raw material flows often come a bit ahead of time. I expect ESL transport volumes to start at the beginning of next year. Deliveries of the ESL Green Handy vessels start in Q3/2027. Fits extremely well with Stegra’s commercial deliveries and volume growth? Other potential customers could be SSAB and the forest industry, LKAB?

Aspo

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...

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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Aspo: Removal of the conglomerate discount - Nordea

Aspo: Removal of the conglomerate discount - Nordea