Aspo - ESL Q4 EBIT tops estimates

Aspo’s headline EUR 8.8m Q4 EBIT missed estimates, however the shortfall stemmed from Leipurin’s EUR 4.3m impairment loss. Telko’s EBIT was a bit soft relative to what we expected, but ESL topped our estimate by a considerable margin.
  • Aspo Q4 revenue amounted to EUR 160.0m, compared to the EUR 153.2m/148.1m Evli/consensus estimates. EBIT, including Kauko, landed at EUR 8.8m vs the EUR 10.8m/10.8m Evli/consensus estimates.
  • ESL Q4 revenue was EUR 54.7m vs our EUR 49.3m estimate, while EBIT came in at EUR 9.8m vs our EUR 6.5m estimate.
  • Telko’s revenue amounted to EUR 73.6m, compared to our EUR 74.5m estimate. EBIT was EUR 4.4m vs our EUR 5.1m estimate. Telko’s short-term outlook remains positive but involves significant uncertainties due to the pandemic and the geopolitical situation in Eastern Europe.
  • Leipurin revenue was EUR 31.7m vs our EUR 29.4m estimate, while EBIT was EUR -3.6m vs our EUR 0.7m estimate. Leipurin recorded an impairment loss to the tune of EUR 4.3m. The foodservice business accounted for EUR 3.0m of the loss, while the remaining EUR 1.3m was attributable to machine manufacturing.
  • Other operations cost EUR 1.9m, compared to our EUR 1.5m estimate.
  • Aspo guides flat EBIT for FY ’22 (EUR 42.4m in FY ’21).
  • The BoD proposes EUR 0.23 per share dividend to be distributed, in addition to another distribution no more than EUR 0.22 per share at a later time, compared to the EUR 0.40/0.44 Evli/consensus estimates.
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