Aspo: High M&A activity could continue - Nordea

The share price has been relatively weak despite net sales and operating profit looking set to improve clearly y/y for 2024. However, Q1 could still be weak for ESL Shipping owing to severe winter ice conditions and strikes in Finland. Nevertheless, we believe there is a chance that Aspo might upgrade its full-year EBIT guidance from the current EUR 30m-plus to over EUR 33m thanks to the Petrus acquisition. Moreover, the outlook for yields in the dry bulk sector looks better than it did last year. The company will also have more capacity in 2024 once green coasters begin to arrive. Aspo could concentrate on these new ships and acquisitions in its Telko segment at its CMD on 14 May. Our unchanged fair value range of EUR 7.3-8.9 per share is based on equal weightings of our DCF, P/E and SOTP valuations. Marketing material commissioned by Aspo.

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