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
      researchContentUrl
    }
    ... 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
    }
  }
}


__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.

In the remuneration report, LTI (Long-Term Incentive) awards are 80% tied to the TSR (Total Shareholder Return) criterion, with an average share price of 8-12e in Q4/27, also considering other distributions and dividends. Taking into account previous insider purchases at prices of 6.5-7e in the last ~6 months, the management likely has a strong view on the true value of Aspon. My impression is that management’s goals are often achieved, but for example, in 2025, only 19% of the CEO’s bonus potential was realized.

Here is a fresh stock exchange release from Aspo:  Aspo Plc Inside Information March 17, 2026, at 8:00 a.m. Inside information: Aspo’s CFO Erkka Repo to move to a new position outside the company Aspo’s Chief Financial Officer and member of the Management Committee Erkka Repo is leaving Aspo to join another employer. Repo, who has served as Aspo’s CFO since 2024, will leave his position by September 2026 at the latest. “Erkka Repo has played a key role in Aspo’s successful transformation and the achievement of strategic goals over the past two years. We greatly appreciate Erkka’s contribution and wish him all the best in his new challenges,” says Rolf Jansson, CEO of Aspo. Aspo Plc Distribution:  Nasdaq Helsinki  Key media                    Inderes              Sisäpiiritieto: Aspon talous- ja rahoitusjohtaja Erkka Repo siirtyy uusiin...    Aspo Oyj Sisäpiiritieto 17.3.2026 klo 8.00 Sisäpiiritieto: Aspon talous- ja rahoitusjohtaja Erkka Repo siirtyy uusiin tehtäviin yhtiön ulkopuolelle Aspon talous- ja rahoitusjohtaja ja johtoryhm...

Kasper has written a new company report following the plunge in Aspo’s share price.  In our view, Aspo is well-positioned with an eye on industrial demand picking up in due course, in addition to which the upcoming structural reorganization offers an interesting special situation. The share price decline in recent days has improved the expected return on the stock, so we are upgrading our recommendation to Accumulate (prev. Reduce). Our forecasts, on the other hand, remain unchanged, so we reiterate our EUR 7.6 target price, which corresponds to our estimate of the company’s sum-of-the-parts value. In our view, the separation of businesses is the most important share price driver in the near future, while clearer earnings growth still awaits a more distinct recovery in volume development.                   Inderes              Aspo: Kurssilasku tarjoaa jälleen hyvän tuotto-odotuksen - Inderes    Aspon liiketoimintojen eriyttäminen on nähdäksemme osakkeen lähitulevaisuuden tärkein kurssiajuri selkeämmän tuloskasvun odotellessa vielä volyymikehityksen selkeämpää piristymistä.

OP TARGET PRICE €8.3, RECOMMENDATION ADD

Kassu has written a company report following Aspo’s Q4 results  In our view, Aspo is well-positioned for an eventual recovery in industrial demand, in addition to which the looming structural reorganization offers an interesting special situation. Following the share price rise and our lowered forecasts, however, the expected return has become insufficient, so we are lowering our recommendation to Reduce (prev. Buy). At the same time, we are adjusting our target price to EUR 7.6 per share (prev. €7.8), which corresponds to our estimate of the value of the company’s parts after the demerger.                   Inderes              Aspo Q4'25: Tuloskasvun pitäisi jatkua, mutta maltillisempana - Inderes    Aspon Q4-tulos jäi selvästi odotuksistamme erityisesti ESL Shippingin matalamman tuloskertymän takia.

Aspo is well on its way to splitting into two separate listed companies, “ESL Shipping” and “Telko”, judging by the CEO’s comments, although he also mentions the possibility of selling ESL. The strategic transformation is progressing, and rightly so. Kasper’s interview revealed that many actions have already been taken and, once the decision is made, the process will be relatively fast. This is a very welcome message. Many investors do not want a “conglomerate” but rather a pure-play in a single industry. After the split: Maritime transport – ESL, industrial distribution business – Telko. This is expected to raise the valuation as the market starts to price the companies “correctly” based on their own industry multiples. When the companies are separated: ESL can be valued like other shipping companies and Telko like other chemical distributors. If one business is clearly more profitable and growing, it will likely command a higher P/E or EV/EBITDA multiple than before. The most important thing in these demergers is that separate companies can focus on their own strategy and make investments suitable for their industry while using capital more efficiently. Thus, ESL can invest in new vessels and greener technology, and Telko can make acquisitions in the distribution market without the needs of the other business “restricting” decisions. As separate companies, they also have a clearer risk profile. Shipping is cyclical and subject to, among other things, fluctuations in freight rates and economic cycles, while also offering cyclical profit potential. Telko, on the other hand, is a distribution business and offers a more stable cash flow. As separate companies, corporate restructurings become easier. Separate entities are easier to sell and easier to merge with other players. It is also easier to attract strategic investors to them.

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

Aspo

We expect a relatively good first quarter for ESL Shipping, due to increased q/q volumes, despite Finland's port strike and low yields in the shipping markets. Shipping volumes will likely improve...

We expect a relatively good first quarter for ESL Shipping, due to increased q/q volumes, despite Finland's port strike and low yields in the shipping markets. Shipping volumes will likely improve further when new hybrid vessels start to arrive in late 2023. We maintain our fair value range of EUR 9.8-12.0 per share for Aspo, based on an equal weighting of our DCF, P/E and SOTP valuations. The company's EV/EBITDA was 8.8x on average in 2000-21, but is only 5.3x for 2022-24E. We expect the valuation to undergo a rerating after the divestment of the Russian operation is completed. Marketing material commissioned by Aspo.