Aspo: Telko and Leipurin better than consensus in Q3 - Nordea

In Q3, Aspo reported net sales below consensus (Refinitiv), while adjusted EBIT came in above. The company downgraded the midpoint of its full-year EBIT guidance by 8%, but we believe that consensus EBIT could be upgraded by EUR 1-3m following the Q3 earnings announcement, because consensus was already at the lower end of the stated guidance range. Volume development in the ESL Shipping segment could remain weak in Q4 2023, which may hinder the potential for any major earnings improvement in the near future. Our long-term estimates still point to a fair value range of EUR 7.3-8.9 per share, based on an equal weighting of our DCF, P/E and SOTP valuations. Marketing material commissioned by Aspo.

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