Aspo: Good Q2 result, FY guidance unchanged - Nordea

Net sales were 11% above our expectations meanwhile clean EBIT came 33% over our forecast in Q2. Full year guidance was unchanged and the company feels very confident about full-year performance in 2022. One-off items were EUR -7.3m in H1 2022. Negative one-off items will be EUR 15-20m in FY 2022 according to the guidance. Majority of extra costs and write downs are related to Russia exit. Telko and Leipurin segments are still exploring options to make Russia exit and no new information regarding a possible divestment price available. Overall, the company looks to survive relatively well from its Russia exit - at least better than feared in the spring 2022. Replacing revenue for Leipurin segment is coming from Kobia acquisition. Aspo is also looking for suitable acquisition opportunities in Telko Segment.

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