Tallinna Sadam: We expect a stable dividend trend - Nordea

A weak market environment and weak cargo tonnes have taken the share price to an all-time low in February 2024, but we forecast net sales and EBITDA will grow again in 2024 y/y after the decline seen last year. A reduction in cargo tonnes paired with raised investments and interest expenses could put pressure on dividend payments, but we forecast the dividend will remain the same as a year ago (EUR 0.073), offering a dividend yield of 6.6%. A stable dividend, however, could lead to a payout ratio above 100% in 2023. Our valuation approach for Tallinna Sadam is based on the combination of a DCF model and peer group comparison, which gives a fair value range of EUR 1.4-1.7 per share. Marketing material commissioned by Tallinna Sadam.

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