A very good demand environment has led Aspo to upgrade its 2021 EBIT guidance to EUR 30-36m, the midpoint being 6.5% above market (Refinitiv) consensus. The company's EPS declined in 2018-20, but the tone has clearly changed and Aspo is fulfilling its earnings capability for the first time since the AtoB@C acquisition. We upgrade our 2021 EBIT forecast by 9%, putting our estimate (EUR 35m) close to the upper end of the guidance. Based on our new estimates, we calculate a fair value range of EUR 9.7-12.0 (9.0-11.2) per share. Marketing material commissioned by Aspo.

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