Aspo - ESL drove a sharp rebound
Aspo’s Q4 EBIT topped estimates thanks to ESL’s strong profitability. It is clear EBIT is set to improve this year, however Aspo did not disclose numerical EBIT guidance range.
- Aspo Q4 revenue amounted to EUR 133.5m, compared to the EUR 129.3m/132.9m Evli/consensus estimates. Top line therefore declined by 9% y/y.
- Aspo Q4 EBIT was EUR 7.6m vs the EUR 7.0m/7.1m Evli/consensus estimates.
- ESL Q4 revenue was EUR 41.2m, whereas we estimated EUR 40.8m. EBIT was EUR 4.8m vs our EUR 3.2m estimate. EBIT increased from the EUR 4.4m comparative figure despite a small decline in cargo volumes (from 4.0mt to 3.8mt). The result was thus already close to the 12% long-term EBIT margin target. Demand for loading and unloading operations was very high in Q4.
- Telko’s top line stood at EUR 65.7m, compared to our EUR 60.9m estimate. Meanwhile EBIT was EUR 4.1m vs our EUR 4.3m estimate.
- Leipurin Q4 revenue amounted to EUR 26.6m, while we expected EUR 27.6m. EBIT was recorded at EUR 0.2m vs our EUR 0.6m estimate.
- Other operations cost EUR 1.5m vs our EUR 1.0m estimate.
- Guidance: according to Aspo operating profit in 2021 will be higher than in 2020 (EUR 19.3m). The guidance as such has very limited informational value.
- The Board of Directors proposes EUR 0.35 per share dividend distribution, compared to our EUR 0.44 expectation.