Tallinna Sadam: A relatively stable year expected ahead - Nordea

We expect positive group revenue growth in Q2 after a decline for the last four quarters on a y/y basis. On average, we expect 2024 to be a year in line with 2022-23 in terms of net sales. The equity story is built more upon medium-term growth areas rather than just a stable 2024. Ongoing growth projects include property development, the Paldiski harbour and possible construction of its own support vessel. Our valuation approach for Tallinna Sadam is based on the combination of our DCF model and a peer group comparison. Our estimated fair value range is EUR 1.4-1.7. Marketing material commissioned by Tallinna Sadam.

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