Tallinna Sadam: Earnings momentum is returning - Nordea

Net sales and adjusted EBITDA were above LSEG Data & Analytics consensus for Q4. The dividend proposal of EUR 0.073 was the same as that paid a year ago and in line with our estimate. Tallinna Sadam has not provided full-year guidance for 2024, but we forecast that net sales will be up by 5% y/y and adjusted EBITDA margin will rise by 3pp. Despite the earnings improvement momentum being restored in 2024, the company is trading at a 2024E P/BV of 0.8x, compared to the historical average of 1.2x (2018-23). 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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