Kaisa and Sotkamon Jussi have written a company report on Aspocomp. 
Aspocomp’s Q1 result fell short of our expectations, but the majority of the miss was explained by transitory factors. The order book, which is at a historically high level, and the phase-out of low-margin orders support, in our view, an earnings improvement towards the end of the year. However, there are still risks related to production fluency before the completion of the equipment investments in Oulu. In the short term, the stock remains expensive (2026e P/E: 18x), and we do not believe that bearing the uncertainty provides sufficient compensation. Consequently, we reiterate our reduce recommendation and EUR 4.70 target price.
Quoted from the report:
Order flow remained strong in the early part of the year
Aspocomp’s order intake remained strong in the early part of the year, meeting our expectations quite well. New orders rose in Q1 (+7% y/y), which strengthened the order book from the previous quarter to EUR 23.5 million (Q4’25: EUR 21.1 million). Of the new orders, 43% came from the semiconductor industry and 30% from the defense, security, and aerospace industry. The order book is at a historically high level for Aspocomp, and the company estimates that EUR 20.8 million of the order book will be delivered during the current year. In our view, this provides a good basis for 2026, especially since demand in the company’s main segments is at a good level.