Third party research
Tallinna Sadam: A bit of a slow start to the year - Nordea
This is a third party research report and does not necessarily reflect our views or values
Tallinna Sadam's net sales were close to our expectations, but adjusted EBITDA came in below our forecast in Q1. The adjusted EBITDA margin was 41% (49%). Weakness came especially from the Ferry segment, in which icy conditions increased fuel consumption. The company does not offer guidance for the full year, but we believe fuel price-related cost increases could at least be mitigated and are no longer a headwind for Q2. The company is still negotiating with a possible tenant for the new quay at Paldiski. An auction regarding a property development project at Old Harbour will most likely occur next autumn. Our fair value range of EUR 1.4-1.7 is unchanged, based on a combination of our DCF model and a peer group comparison. Regardless of the slow start to the year, we do not envisage similar headwinds continuing in Q2-Q4 2026.