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Aspo

A conglomerate with three B2B segments

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Overview

Aspo includes three independent business-to-business segments each of which operates mostly in regions surrounding the Baltic Sea. The three segments all provide different kinds of logistical solutions, such as maritime transportation and raw materials wholesale distribution. Aspo’s goal is to help each of its operating segments build long-lasting customer relationships. Aspo aims to create value by developing and internationalizing its subsidiary businesses while proactively considering potential acquisitions and divestitures.
Aspo's largest segment by value, ESL Shipping, should see its earnings rebound in the coming years thanks to stabilizing dry bulk cargo demand in its key markets as well as changes to its fleet structure. ESL has stable long-term customer relationships and a fleet tailored for the specifications of the Baltic Sea, where dry bulk cargo demand will grow in the coming years due to major green industrial investments. We expect Telko, a chemical distributor, to achieve significantly higher earnings going forward as it has made many acquisitions recently. We also see good scope for Leipurin's continued improvement due to internal measures as well as recent acquisitions.

Financial overview

Company Facts

CEO Jansson Rolf
CFO Repo Erkka
IR Susanna Hietanen
Market cap (EURm) 213
Industry Conglomerates
Ticker ASPO

Guidance

Aspo Group's comparable EBITA is expected to be in the range of EUR 35-45m in 2025 (EUR 29.1m in 2024)

Financial targets

Aspo aims for 8% EBITA margin, 5-10% p.a. revenue growth, above 20% ROE, and NIBD/EBITDA of below 3x

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