Copyright © Inderes 2011 - present. All rights reserved.
  • Latest
  • Markets
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
  • inderesTV
  • Forum
  • About Us
    • Our Coverage
    • Team
Third party research

Aspo: Strong outlook for 2022 - Nordea

Aspo

This is a third party research report and does not necessarily reflect our views or values

Download report (PDF)
The last two quarters have been the best ever in terms of clean EBIT, despite all the problems in Eastern markets. A favourable shipping market and a tight situation in the plastic and chemical sectors were the main reasons for the strong results in Q2. Management is confident about its 2022 performance, and a Russian exit could prove easier for Aspo than previously feared. Telko might not be able to keep up its strong performance, however, when excluding the effects of pricing and FX in Russia. A new business model for ESL Shipping, an exit from Russia and a potential acquisition by Telko could also heavily alter consensus estimates for H2 2022. We calculate a new fair value range of EUR 10.2-12.5 (9.6-11.7) per share for Aspo, based on an equal weighting of our DCF, P/E and SOTP valuations. Marketing material commissioned by Aspo.
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • X (Twitter)
Get in touch
  • info@hcandersencapital.dk
  • Bredgade 23B, 2. sal
    1260 København K
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer
Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.
  • Latest
  • Markets
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
  • inderesTV
  • Forum
  • About Us
    • Our Coverage
    • Team