Evlis uppdaterade tankar:
Aspo: Earnings are trending up
We continue to expect Aspo FY ’25 EBITA to gain by around EUR 15m y/y, more than half of which would be due to Telko as it has acquired some EUR 7.5m of EBIT this year (and added 40% to revenue). ESL shouldn’t find it too hard to gain by around EUR 4-5m in EBITA then as it will have received a few additional green coasters while the market could have improved a little more. Aspo is valued about 7x EV/EBIT on our FY ’25 estimates, which we view a rather low level. We retain our EUR 7.0 TP and BUY rating.