Tallinna Sadam: Cargo volumes are stabilising - Nordea

Q2 2023 net sales and operating profit were slightly below our expectations but the deepest decline, i.e. Cargo volumes, may have hit its trough. Meanwhile, the number of passengers is increasing. Future investments in Paldiski offshore wind terminals and the Muuga rail terminal could be fodder for a growth story, but weak overall economic activity will make it difficult for Tallinna Sadam to improve in the short term. For 2023, we lower our forecasts for net sales by 2% and EBIT by 5%. Our valuation approach is based on a combination of DCF, dividend yield and a peer group comparison, which still gives a fair value range of EUR 1.5-1.8 per share. Marketing material commissioned by Tallinna Sadam.

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