Aspo - Another strong quarter
Aspo’s Q3 results topped estimates. In our view the beat was driven by ESL, where Q3 was again a very strong quarter.
- Aspo Q3 revenue landed at EUR 160.1m vs the EUR 141.8m/143.5m Evli/consensus estimates.
- Adjusted EBIT amounted to EUR 13.0m, compared to the EUR 11.3m/11.1m Evli/consensus estimates.
- ESL Q3 revenue was EUR 65.0m vs our EUR 59.8m estimate, while EBIT amounted to EUR 9.7m, compared to our EUR 8.2m estimate. Contract traffic demand remained strong over the quarter while there was some softening in spot market rates towards the end of Q3, the energy industry being an exception.
- Telko revenue amounted to EUR 60.5m, compared to our EUR 56.7m estimate. Comparable EBIT stood at EUR 3.7m vs our EUR 3.8m estimate. Plastics prices declined, especially within volume plastics, while chemicals prices declined during Q3 but stabilized towards the end of the quarter.
- Leipurin top line was EUR 32.3m vs our EUR 25.3m estimate, while EBIT landed at EUR 0.6m vs our EUR 0.8m estimate.
- Other operations cost EUR 0.9m, compared to our EUR 1.5m estimate.
- Aspo guides comparable EBIT to be EUR 52-57m in FY ’22 (unchanged).