Aspo - Very strong underlying performance
Aspo’s headline EUR 7.6m Q3 EBIT didn’t meet estimates, but the figure includes a EUR 3.4m Kauko impairment loss. Both ESL and Telko recorded new profitability highs.
- Aspo Q3 revenue was EUR 148.0m, compared to the EUR 143.1m/141.0m Evli/consensus estimates. Q3 EBIT amounted to EUR 7.6m vs the EUR 8.5m/9.0m Evli/consensus estimates. The EBIT figure includes Telko’s EUR 3.4m Kauko impairment.
- ESL Q3 revenue came in at EUR 47.3m (a 50% y/y increase) vs our EUR 43.6m estimate, while EBIT amounted to EUR 7.1m vs our EUR 4.5m estimate. ESL achieved the record-high 15% EBIT margin despite extensive dockings as cargo volumes grew by 26% y/y.
- Telko’s top line was EUR 73.0m, compared to our EUR 71.6m estimate. EBIT was EUR 2.5m vs our EUR 4.9m estimate. EBIT margin was thus 3.4% but would have been 8% without the EUR 3.4m Kauko impairment. Telko’s own operating result represents a record high. Plastics and chemicals prices remained high.
- Leipurin Q3 revenue amounted to EUR 27.7m vs our EUR 27.9m estimate, while EBIT was EUR 0.6m vs our EUR 0.4m estimate.
- Other operations cost EUR 2.6m, compared to our EUR 1.3m estimate.
- Aspo guides EUR 30-36m in FY ’21 operating profit. The guidance includes the EUR 3.4m impairment loss.