Tallinna Sadam: Growth projects progressing well - Nordea

Net sales came in 4% above our forecast, while adjusted EBITDA was 1% below our expectation for Q2. The revenue growth surprise came from high utilisation ratios for MPSV Botnica in Q2. The construction project for an offshore windfarms base harbour in Paldiski is progressing well and wind power developers have already shown interest in the bay. Moreover, we believe the launch of a property development project in Old City Harbour could happen in this year. Our estimated fair value range is 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. Tallinna Sadam is trading at a 2024E P/BV of 0.7x, compared to the historical average of 1.2x (2018-23) and the peer group average of 1.3x. Marketing material commissioned by Tallinna Sadam.

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