Aspo - EBIT miss attributable to Telko
Aspo reported Q4 EBIT at EUR 5.4m i.e. missing our and consensus estimate by about EUR 1.0m. In our view the EBIT miss was wholly attributable to Telko.
- Group revenue amounted to EUR 147.0m in Q4, compared to EUR 150.5m/152.5m Evli/consensus estimates.
- Aspo posted EUR 5.4m Q4 EBIT whereas the expectation was EUR 6.4m/6.6m Evli/consensus.
- ESL Shipping’s Q4 revenue stood at EUR 45.3m, while we expected EUR 44.5m. ESL Q4 EBIT was EUR 4.4m vs our EUR 4.3m estimate.
- Telko’s revenue amounted to EUR 69.8m in Q4 vs our EUR 71.9m expectation. Meanwhile Q4 EBIT was recorded at EUR 0.9m, in comparison to our EUR 2.2m estimate. Aspo says Telko’s EBIT was burdened by measures aiming to address the low-margin low-turnover material inventories (to the tune of EUR 0.9m). The figure was also burdened by decreased volumes and raw materials prices as well as FX (a combined EUR 0.9m).
- Leipurin’s Q4 revenue was EUR 31.9m, compared to our EUR 34.1m estimate. Leipurin posted EUR 1.1m in Q4 EBIT vs our EUR 1.0m expectation.
- The BoD proposes EUR 0.45 dividend per share to be distributed in two installments.
- Aspo guides operating profit to increase this year compared to the EUR 21.1m figure last year.