Aspo sells its Leipurin business for EV value of EUR 63m. Transaction will lead to EUR 16m sales gain in Q1 2026. We have used EUR 57m EV value for Leipurin segment, and EV/EBIT valuation multiple of 10.5x in our SOTP analysis. So, the divestment value was close to our expectations. Moreover, the divestment could have been better solution than a separate listing. The sale of Leipurin segment will also strengthen the balance sheet and give resources for further acquisitions in Telko segment. Aspo's net debt/EBITDA could come below 2.0x in 2026E and net gearing could decline to ~50% we calculate. The original plan to separate Telko and ESL Shipping operations before 2029 is still unchanged.
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