First of all, thank you for the good question!
In our view, Aspocomp has pricing power particularly in situations where speed of delivery, technological complexity, and reliability of supply carry more weight for the client than price. This is emphasized especially in quick-turn (QTA) projects and sensitive sectors, such as the defense sector and the semiconductor industry, where European production and a reliable supplier status are clear strengths. However, at the overall business level, we would not consider pricing power to be a completely straightforward driver, as the company still operates within a subcontracting chain, customers are often large, and competition is fierce—especially in less time-critical deliveries.
Regarding capacity, we believe the picture is also not quite that simple. If successful, the Oulu investment program will clearly increase the company’s throughput capacity, but selling out the full capacity is not necessarily the optimal outcome for Aspocomp. The company must be able to allocate capacity to different customers and sectors in a way that it does not become overly exposed to the volatility of a single sector. At the same time, it must ensure that space remains for higher-margin jobs and those requiring fast delivery, which have traditionally been the company’s “bread and butter.” Thus, the key is not just the amount of new capacity, but also its allocation to the right customer and product mix.
The level you presented is, in the big picture, quite close to our forecasts and is not, in my opinion, an unrealistic scenario. However, the key question is the timeline on which the additional capacity from the Oulu investment program can be effectively utilized and with what kind of customer and product mix the growth will materialize. We explored these themes in more detail in our recent extensive report, which is well worth a look 