Aspo: Situation in the Eastern market significantly deteriorated
The Russian attack on Ukraine significantly weakens the company's operating conditions in the Eastern market and we have lowered our forecasts. Currently, making forecasts is exceptionally difficult when visibility is very low. Although Asco has excellent evidence of navigating past crises, the current crisis is quite different in scale. Even with forecast decreases, the share price remains favorable, but in the light of the required return that has clearly increased due to the crisis, it’s difficult for us to see any upside in the share, especially as earnings growth turns negative. Therefore, the return/risk ratio has turned neutral as a result of significantly increased risks.
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Aspo
Aspo är verksamt inom transport- och logistikbranschen. Bolaget drivs som ett konglomerat med visionen att vara en aktiv aktör inom förvärv och utveckling av företag, huvudsakligen inom tillväxtmarknaderna i östra Europa. Branscherna där bolaget innehar intressen i inkluderar exempelvis dagligvaruhandeln, industri, samt IT-sektorn. Huvudkontoret ligger i Helsingfors.
Read more on company pageKey Estimate Figures27.02.2022
2021 | 22e | 23e | |
---|---|---|---|
Omsättning | 586,4 | 569,1 | 580,2 |
tillväxt-% | 17,11 % | −2,95 % | 1,95 % |
EBIT (adj.) | 42,4 | 38,1 | 40,5 |
EBIT-% | 7,23 % | 6,70 % | 6,98 % |
EPS (adj.) | 1,02 | 0,93 | 1,02 |
Utdelning | 0,45 | 0,46 | 0,47 |
Direktavkastning | 3,96 % | 8,55 % | 8,74 % |
P/E (just.) | 11,08 | 5,81 | 5,28 |
EV/EBITDA | 8,63 | 4,82 | 4,84 |