Company Valuation: Aspo Oyj

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 355.1 257.1 187.8 152.4 204.2 225.6 - -
Change - -27.59% -26.97% -18.86% 33.98% 10.52% - -
Enterprise Value (EV) 1 522.5 412.8 353 340.4 417 361.7 396.9 374.6
Change - -20.99% -14.49% -3.57% 22.5% -13.25% 9.73% -5.61%
P/E 14.9x 13.4x 135x 34.6x 9.06x 6.73x 11.1x 9.35x
PBR 2.74x 1.79x 1.34x 0.95x 1.42x 1.33x 1.29x 1.21x
PEG - -0.7x -1.5x 0x 0x 0.1x -0.3x 0.5x
Capitalization / Revenue 0.61x 0.4x 0.35x 0.26x 0.44x 0.46x 0.45x 0.43x
EV / Revenue 0.89x 0.64x 0.66x 0.57x 0.89x 0.74x 0.8x 0.72x
EV / EBITDA 6.79x 4.49x 5.88x 5.01x 6.69x 5.92x 5.84x 5.18x
EV / EBIT 12.3x 7.47x 13.3x 11.7x 12.7x 10.5x 10.9x 9.16x
EV / FCF 19x 12x 12.9x -9.43x 28.6x 18.3x 41.1x 13.3x
FCF Yield 5.26% 8.33% 7.73% -10.6% 3.5% 5.47% 2.43% 7.53%
Dividend per Share 2 0.23 0.46 0.47 0.19 0.25 0.265 0.3167 0.3567
Rate of return 2.02% 5.61% 7.86% 3.92% 3.83% 3.68% 4.4% 4.95%
EPS 2 0.76 0.61 0.0444 0.14 0.72 1.07 0.6467 0.77
Distribution rate 30.3% 75.4% 1,059% 136% 34.7% 24.8% 49% 46.3%
Net sales 1 586.4 643.4 536.4 592.6 469.1 491.1 498.8 520.1
EBITDA 1 76.9 91.9 60 68 62.3 61.13 67.97 72.33
EBIT 1 42.4 55.3 26.5 29.1 32.8 34.43 36.47 40.9
Net income 1 25.3 20.7 1.6 7.3 23.5 33.65 20.37 25.43
Net Debt 1 167.4 155.7 165.2 188 212.8 136 171.2 149
Reference price 2 11.360 8.200 5.980 4.850 6.520 7.200 7.200 7.200
Nbr of stocks (in thousands) 31,258 31,358 31,404 31,418 31,312 31,339 - -
Announcement Date 2/16/22 A 2/15/23 A 2/16/24 A 2/17/25 A 2/16/26 A - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
6.73x1.21x3.68x7.01% 16.57B
12.02x1.9x6.36x6.82% 8.12B
10.22x - - - 4.64B
10.25x2.9x8.28x8.53% 3.76B
6.79x3.42x5.49x12.74% 3.58B
5.55x0.84x2.51x6.54% 3.68B
5.16x2.61x3.49x - 2.84B
4.49x2.95x4.44x0.27% 2.55B
Average 7.65x 2.26x 4.89x 6.99% 5.72B
Weighted average by Cap. 8.00x 1.86x 4.72x 7.16%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

-40%: Exceptional extension
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