contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


aspo-earnings-grow-multiples-yet-low-evli

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Aspo operates in the transport and logistics industry. The company is run as a conglomerate with the vision of being an active player in the acquisition and development of companies, mainly in the growth markets of Eastern Europe. The industries in which the company has interests include, for example, the grocery retail, industry, and the IT sector. The headquarters are located in Helsinki.

Kasper interviewed Aspo’s CEO Rolf Jansson about Aspo’s Q4                    Inderes              Aspo Q4'25: Strateginen transformaatio etenee - Inderes    Aika: 16.02.2026 klo 14.27 Aspon Q4:n pääluvut olivat odotuksiamme heikommat. Aspon liikevaihto laski ja tulos jäi ennusteistamme, vaikka parani hieman vertailukaudesta. ESL:n osalta metsäteollisuuden kysyntä oli odotettua heikompaa. Ohjeistus...                             Topics: 00:00 Introduction  00:09 Q4 performance  00:36 Aspo’s 2025  01:36 ESL Shipping  02:43 ESL’s fleet  03:46 Telko  04:49 Potential separation  07:15 Guidance

Inderes              Aspo Oyj:n tilinpäätöstiedote 1.1.–31.12.2025: Merkittävä tulosparannus...    Aspo Oyj Tilinpäätöstiedote 16.2.2026 klo 9.00 Aspo Oyj:n tilinpäätöstiedote 1.1.–31.12.2025: Merkittävä tulosparannus haastavassa markkinassa vuonna 2025 Tämä on tiivistelmä Aspo Oyj:n tilinp...                                               Inderes              Aspon lyhyen aikavälin palkitsemisjärjestelmän osakepalkkiot - Inderes    Aspo Oyj Pörssitiedote 16.2.2026 klo 9.15 Aspon lyhyen aikavälin palkitsemisjärjestelmän osakepalkkiot Aspon hallitus on päättänyt, että 50 % toimitusjohtajan, johtoryhmän ja Aspon muiden avainhenkil...                                               Inderes              Aspo Oyj, Webcast, Q4'25 - Inderes    Time: 16.02.2026 klo 12.00 Language: en Language: en Sector: Service & Transports Activity: Webcast                                               Inderes              Robokommentti Aspon Q4-tuloksesta - Inderes    Aspon Q4-tulos jäi odotuksistamme, kun liikevaihto laski ja vertailukelpoinen EBITA alitti ennusteemme. ESL Shippingin heikko suoriutuminen painoi kokonaistulosta, kun spot-markkinat säilyivät vaisuina ja metsäteollisuuden kysyntä oli odotettua...                              October–December 2025   Net sales, total group was EUR 158.0 million (159.8)   Net sales from continuing operations decreased and were EUR 119.3 million (124.5)   Comparable EBITA, total group increased and was EUR 8.9 million (8.0), or 5.7% of net sales (5.0)   ESL Shipping EUR 3.8 million (4.3)   Telko EUR 4.4 million (3.9)   Discontinued operations EUR 2.0 million (1.1)   Other operations EUR -1.2 million (-1.2)     EBITA, total group was EUR 16.2 million (8.1). ESL Shipping’s EBITA was EUR 13.3 million (4.4), Telko’s EUR 4.0 million (3.9) and discontinued operations’ EUR 1.3 million (1.1)   Comparable return on equity (ROE), total group was 10.8% (13.0)   Comparable earnings per share, total group was EUR 0.06 (0.15)   Free cash flow was EUR 26.2 million (-18.7)   In November 2025, Aspo announced it would continue the strategic review of the company, with the main alternatives being the sale of ESL Shipping or a potential partial demerger of Aspo.   M/S Kallio was sold to The Qrill Company AS in October 2025. The sale price was approximately EUR 18 million and the gain on sale was EUR 9.6 million. The gain on sale is not included in the comparable EBITA.   The international Science Based Targets initiative (SBTi) approved Aspo’s near-term emission reduction targets in October 2025.    Guidance for 2026 Aspo Group’s comparable EBITA from continuing operations is expected to increase compared to the previous year (EUR 29.4 million in 2025). Aspo Group’s comparable EBITA from continuing operations does not include the Leipurin business, which is reported as a discontinued operation. The sale of Leipurin was announced on August 15, 2025, and it is expected to be completed during the first quarter of 2026.  The Board of Directors proposes to the Annual General Meeting to be held on April 17, 2026, that a dividend of EUR 0.25 per share be distributed for the financial year 2025 and that no dividend be paid for the treasury shares held by Aspo Plc. The proposed dividend is 49% of Aspo’s comparable earnings per share in 2025. The dividend is proposed to be paid in a single installment. The dividend, EUR 0.25 per share, is proposed to be paid to shareholders who are registered in the company’s shareholder register maintained by Euroclear Finland Ltd on the record date of April 21, 2026. The Board proposes that the dividend payment date be April 28, 2026.

Kassu’s pre-comments as Aspo reports its Q4 results on Monday, Feb 16.  * We expect Aspo’s Q4 result to have grown from the comparison period. Although industrial volumes remaining sluggish continue to hinder a clearer recovery, Aspo’s result in our forecasts is supported especially by ESL Shipping’s improved cost efficiency. However, ahead of the earnings day, we slightly lowered our estimate for ESL’s performance for the end of the year, which led to a very modest decrease of about one percent in our 2025 EBITA forecast. In addition to the earnings figures, the guidance for the current year and any potential further information regarding the separation of businesses are of particular interest.                   Inderes              Aspo Q4’25 -ennakko: Odotuksissa kohtuullisen hyvä loppuvuosi - Inderes    Vaikka teollisuuden vaisuina säilyneet volyymit jarruttavat yhä selkeämpää piristymistä, saa Aspon tulos ennusteissamme tukea erityisesti ESL Shippingin parantuneesta kulutehokkuudesta.

Here are Kassu’s comments regarding Telko CEO Mikko Pasanen leaving his position and Aspo’s Group CEO Rolf Jansson taking over the role in addition to his current duties.                    Inderes              Aspon konsernijohtaja ottaa vetovastuun Telkossa - Inderes    Järjestely on osa edessä siintävää liiketoimintojen eriyttämistä.

Hmm.. I’m a bit skeptical about this: First of all, PANL’s total fleet DWT is 897,000 tons (slightly over) and ESL’s is 116,000 tons. So, acquiring those ESL ships would bring quite little additional capacity (it seems ESL’s ships might be too small for those plans). Secondly, I don’t know, but I’ve understood that those mines would require massive investments first. Of course, this would also mean freight needs (suitable fleet exists for this), but on what schedule would things start happening? You’d imagine that planning and procurement could take 2-5 years? In that time, you could acquire suitable new fleet relative to the projects’ needs. And I believe those ESL bulkers also have COAs (Contracts of Affreightment) in place, so the vessels are already in demand and releasing them might involve costs. I don’t want to completely dismiss the idea, because it requires assuming too many things. And there are other smaller ice-strengthened MPP or general cargo vessels out there… As for ESL, I think there are other potential buyers. There might be a couple of parties in the Netherlands, for example. And these are operators for whom continuing current operations would be a natural fit. So I don’t think it will go for next to nothing. That PANL case certainly piques curiosity about what it’s all about..

Acquisition interest in ESL might even rise as a result of the orange one’s fixations. Yesterday, I watched shipping and rare earth companies related to Greenland rise by double-digit “hype percentages.” The Greenland deal Trump squeezed out of Europe, its schedule, and terms are unclear, but the probability of seeing significant activity in Greenland in the coming years is quite high, especially due to rare earth metals and the Golden Dome. Several US shipping companies rose yesterday, such as Matson Inc slightly and Pangaea Logistics Solutions (PANL) more significantly; these have operated in the Arctic Ocean under Arctic conditions, and investors are clearly speculating that activity in the area will increase in the future. As a result of this thought experiment, ESL Shipping has become a degree more interesting to me in just a few days, as Aspo’s demerger approaches at the end of the year and the sale of ESL has been on the table. A buyer of ESL would acquire a whole fleet of Ice Class 1A cargo vessels at once. The likely construction of the Golden Dome and potential expanded mining operations in Greenland would offer long-term shipping contracts to US and perhaps also Canadian shipping companies, necessitating a significant and potentially rapid expansion of current Arctic fleets. As climate change melts ice on Arctic routes, such as the Polar Silk Road, acquiring a fleet like ESL’s would be a fast and efficient solution for increasing cargo capacity. If I further speculate irresponsibly about a potential buyer, it could be Pangaea Logistics Solutions, which has operated in Greenland and might, under optimal conditions (e.g., a preliminary agreement with the Trump administration), pay a +20-50% premium compared to a normal dry bulk shipping company (usually 5-12 x EBITA), because this involves a ready fleet suitable for Arctic regions. Thus, the minimum purchase price for ESL could be an average year’s EBITA of €23 million x 10-12, i.e., €230-276 million minus allocated debts (+ perhaps a premium on top if there is competition). It is also possible that a competing shipping company could be interested in the fleet if Denmark/Greenland and the USA reach a swift agreement and Trump’s plan actually begins to progress. The need for vessels operating in Arctic regions will likely rise in the coming years, so ESL probably won’t need to be sold at a discount. A recovering economy and heavily increasing Arctic shipping traffic could raise multiples even further, especially if the cycle takes a strong turn for the better. In an optimal case and what I consider a reasonable scenario, ESL’s purchase price could be 12-15x €25 million EBITA; i.e., EV €300-375 million minus debts. Strategically, ESL may be an extremely attractive acquisition target due to long-term US government contracts, giving the shipper who lands such a contract an incentive to secure sufficient Ice Class 1A fleet on a fast schedule. I have full confidence in Aspo’s management to achieve an optimal solution for the shareholder (the sale of ESL or a demerger). There is also no rush for a deal, as the situation is developing in the right direction. Irresponsible speculation ends.

Aspo’s CEO will also become the CEO of Telko. It sounds like a strategic reorganization is approaching fast.  Aspo announced in November 2025 that it would continue evaluating the company’s strategic options, with the primary options being a potential partial demerger of Aspo or the sale of ESL Shipping. A change is occurring in Aspo’s Group Management Team as a result of an agreement that Mikko Pasanen, CEO of Telko, will leave his position. Aspo’s CEO Rolf Jansson has been appointed CEO of Telko as of January 23, 2026. ”Under Mikko Pasanen’s leadership, Telko has grown in Western markets in recent years, both organically and through acquisitions. I want to thank Mikko for his significant contribution and wish him all the best for the future. In the near future, we will continue to focus particularly on serving our partners, further developing Telko’s investment story and profitability, and evaluating the integration of Telko’s and Aspo’s operations. Telko is excellently positioned to develop into an independent, growth-oriented listed company,” says Rolf Jansson, CEO of Aspo.  Change in Aspo’s Management Team - Inderes

Aspo

Aspo reports Q4 results on Feb 16. ESL should see more significant earnings gains from now on as outlook has at least stabilized, while Telko’s EBITA could gain by another EUR 2m.