Aspo: A clear recovery could be missing yet in Q2 - Nordea

The economic environment and end demand has not been very favourable for Aspo. The shipping market has also been weak in H1 2025. The full-year EBITA guidance of EUR 35-45m is relatively wide, hence the company could lower the upper end of the range. Our full-year EBITA estimate is 8% below the guidance midpoint of EUR 40m, but our long-term growth and margin assumptions still point to a fair value range of EUR 6.3-7.7 per share, based on an equal weighting of our DCF, P/E and SOTP valuations. Market consensuspecify consensus sourc for EBIT in 2025E has steadily come down in last 12 months, hence we believe a change to a positive revision trend could trigger a notable share price reaction. Aspo needs a bit more help from the market environment, however, to move closer to its long-term financial targets.

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