Aspo: Volume outlook for shipping has not improved - Nordea

ESL Shipping volumes may have been weak in Q3. SSAB has already said that demand was weak in Q3 and the company guides for somewhat lower q/q shipments in Europe in Q4. Also, forest companies have suffered from poor demand and hence we are not overly optimistic about Aspo's H2 2023. Global demand for Supramaxes has improved recently, but we believe that Aspo may even lower the upper end of its EBIT guidance range of EUR 25-35m for 2023. Our new fair value range of EUR 7.3-8.9 (8.0-9.8) per share is based on equal weightings of our DCF, P/E and SOTP valuations. Marketing material commissioned by Aspo.

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