Aspo: Q3 above consensus, FY guidance midpoint downgraded - Nordea

The biggest positive surprise in Aspo’s Q3 result was profitability in Telko segment. Furthermore, Leipurin segment reported better revenues and EBIT than market consensus (Refinitiv) in Q3. However, ESL Shipping segment was slightly under our expectations in Q3. The steel, forest and construction industries have witnessed demand weakness which could affect to ESL Shipping volumes also in Q4 2023. Aspo could even sell two supramax vessels late 2023 we believe. Aspo downgraded its full year 2023 EBIT guidance midpoint by 8% but market consensus was already under the lower end of given guidance range why consensus EBIT for 2023 could be upgraded by EUR 1-2m we believe.

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