Tallinna Sadam: Positive momentum should return in 2024 - Nordea

The Q3 2023 results landed on the softer side and, in our view, Q4 may not bring clear relief just yet. The company is confident, however, regarding its positive earnings (EBITDA) momentum for next year. It also could continue paying a stable dividend of EUR 0.073 in the spring, regardless of growth investments. We lower our 2023 forecasts by 2% for net sales and by 8% for EBIT. Our valuation approach is based on the combination of DCF, dividend yield and a peer group comparison, which together yield a fair value range of EUR 1.4-1.7 per share. Marketing material commissioned by Tallinna Sadam.

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