Tallinna Sadam: Traffic data indicates a y/y decline in Q3 EBIT - Nordea

With the number of cruise vessel calls down by 51% y/y in Q3, the quarterly results are unlikely to offer a positive surprise. The overall number of passengers was up 3% y/y in Q3, but cargo tonnes were down 33% y/y. The Victoria (Tallink) vessel between Tallinna and Helsinki started in October 2023, which should support revenues in Q4 2023 and next year. Our valuation approach for Tallinna Sadam is based on a combination of DCF, dividend yield and peer group comparison, which gives a fair value range of EUR 1.4-1.7 (1.5-1.8) per share. Marketing material commissioned by Tallinna Sadam.

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