Tallina Sadam: Q3 sales and EBITDA below market consensus - Nordea

Group net sales were EUR 31.4m in Q3 (Refinitiv consensus EUR 34m) meanwhile Q3 adjusted EBITDA was EUR 13.5m (consensus EUR 15m). Cargo throughput continued to decline and revenue also declined in all segments except the Ferry segment. The overall number of passengers was up 3% y/y in Q3, but cargo tonnes were down 33% y/y. Weak overall economic activity will likely make it difficult for Tallinna Sadam to improve much in the short term. The company do not issue a full year guidance but long term growth investments are progressing. The new quay in Paldiski will be able to receive deep-draft special-purpose vessels for the construction of offshore wind farms and the transport of wind turbine components in 2025. Market consensus for 2023 net sales is EUR 118m. Consensus for FY EBITDA is EUR 52m.

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