Kassu has made a new company report on Aspo after the Q3 earnings were out. 
Aspo’s Q3 result was largely in line with expectations. However, the announced sale of ESL’s vessel during the quarter moderately lowered the shipping company’s capacity growth forecasts and also our earnings forecasts. On the earnings day, Aspo also announced its plans to either demerge or sell ESL by the end of 2026. Although our valuation of Aspo’s parts remains unchanged, we revised our target price to 6.8 euros (previously 6.5€), as the value-creating demerger in our calculations appears closer on the horizon than our previous estimate. We reiterate our ‘add’ recommendation, as we believe the markets do not yet fully price in the potential this offers.