Tallinna Sadam: An essential port that is weathering the storm - Nordea

The past three years have not been easy for Estonia's biggest port utility, Tallinna Sadam, but recovery of passenger flows and future investments in Paldiski offshore wind terminals and the Muuga rail terminal create positive expectations for the medium term. The main short-term risk is increasing geopolitical tensions in the Baltic Rim. A long-term value-creation option comes from the property development projects. The valuation approach in our initiation of commissioned coverage of Tallinna Sadam is based on a combination of DCF, dividend yield and peer group comparison, which gives a fair value range of EUR 1.5-1.8 per share.

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