Aspo - Q1 profitability remained high
Aspo’s Q1 results clearly topped estimates, however the previous full-year guidance is retained for now as much uncertainty persists around Telko’s H2.
- Aspo Q1 revenue was EUR 160.4m vs the EUR 132.2m/135.6m Evli/consensus estimates.
- EBIT landed at EUR 10.3m, compared to the EUR 8.0m/7.6m Evli/consensus estimates. There were a total of EUR -4.9m in items affecting comparability, and Aspo’s adjusted EBIT amounted to EUR 15.0m.
- ESL’s revenue was EUR 56.8m vs our EUR 50.9m estimate, while EBIT was EUR 7.9m vs our EUR 7.5m estimate.
- Telko’s top line amounted to EUR 75.9m, compared to our EUR 58.1m estimate. EBIT was EUR 4.0m vs our EUR 1.8m estimate. There were a total of EUR -4.6m in items affecting comparability, and adjusted EBIT was EUR 8.6m. Telko’s Q2 performance should remain strong, but the situation for H2 is unclear.
- Leipurin revenue was EUR 27.7m, compared to our EUR 23.2m estimate, while EBIT came in at EUR -0.4m vs our EUR 0.1m estimate. Items affecting comparability amounted to EUR -1.1m, adjusted EBIT being EUR 0.7m.
- Other operations cost EUR 2.5m, compared to our EUR 1.4m estimate, including e.g. EUR 0.5m in extraordinary compensation to the former CEO.
- Aspo retains its guidance and expects FY ‘22 EBIT in the EUR 27-34m range.