© Reuters.
Aspo Plc has taken a significant step in its anticipated divestment strategy by selling a 15.4% stake in its ESL Shipping segment to OP Suomi Infra Ky for €30m. The divestment price is expected to contribute towards financing new vessel investments exceeding €150m in the coming years. The company may also sell two Supramax vessels as part of this strategy.
The deal suggests a 12x EV/EBIT valuation for the ESL Shipping segment, based on an underlying sustainable EBIT of €25m. For next year, the group-level EBIT is forecasted at €36m, with ESL Shipping expected to contribute €24m. After accounting for the segment’s debt of €135m and a hybrid loan of €30m, the remaining enterprise value post-divestment is €56m.
On Wednesday, it was reported that Aspo’s subsidiary ESL Shipping had secured a €30m investment from OP Finland Infrastructure at a €165m pre-money equity valuation, setting ESL’s enterprise value at €300m. This deal gave the investor a 15.38% stake, with deal closure expected in Q1 next year.
ESL and its Swedish subsidiary AtoB@C Shipping, which manages around 40 bulkers in the Baltic Sea region, commissioned 12 battery hybrid coasters from Indian shipyard Chowgule & Company. The inaugural ship is projected to be operational by Q4 2023.
Aspo plans to expedite ESL’s green transition through additional investments. ESL adopted renewable liquefied biogas (LBG) in 2020 and incorporated Neste Marine 0.1 co-processed marine fuel last year for emission reduction.
Other business areas of Aspo are projected to generate a combined EBIT of €12m in 2024, implying an EV/EBIT of 5x.
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