Investors House: Botnica weighed down profitability in Q3 - Nordea

Net sales and EBITDA were close to our expectations in Q3 but slightly below LSEG Data & Analytics consensus. The biggest negative surprise came from the Other segment, where EBITDA was EUR -1.8m in Q3. However, EBITDA in the Cargo Harbours segment was clearly above our expectation. First tenders regarding the property development projects may be seen in H1 2025. We still expect EBITDA to grow in 2024 y/y, while investments give the option of long-term growth. Our estimated fair value range is therefore EUR 1.4-1.7. Our valuation approach for Tallinna Sadam is based on a combination of our DCF model and a peer group comparison. Marketing material commissioned by Tallinna Sadam.

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