Aspo: Difficult to improve further in 2023 - Nordea

Last year was very good for Aspo despite the Russia exit, in our view. One bigger and two smaller acquisitions will support net sales after the Russia divestments. We expect Aspo to reach as much as EUR 56m in clean operating profit in 2022. However, yields in the shipping sector have collapsed, and we therefore forecast declining net sales and EBIT in 2023. Thus, EBIT guidance for 2023 might be below EUR 56m, we believe. New hybrid ships could support cargo tonnes in 2024, but not yet this year. We calculate a fair value range of EUR 9.8-12.0 (10.2-12.5) per share for Aspo, based on an equal weighting of our DCF, P/E and SOTP valuations. Marketing material commissioned by Aspo.

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