Copyright © Inderes 2011 - present. All rights reserved.
  • Latest
  • Markets
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
  • inderesTV
  • Forum
  • About Us
    • Our Coverage
    • Team
Third party research

Tallinna Sadam: Busy end of year on the horizon - Nordea

Tallinna Sadam

This is a third party research report and does not necessarily reflect our views or values

Download report (PDF)
Net sales and EBITDA without insurance compensation were broadly in line with our expectations for Q1. Volumes of passengers and cargo could remain in growth mode for 2025E, and several new growth initiatives could be released before the end of 2025E. The Estonian government's stake could decline from 67% to 51% well after the publication of new growth initiatives, i.e. in late 2026 or even in 2027. 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. The company's 2025E P/BV is ~30% below the peer group's long-term median of 1.1x. We argue that the valuation discount to the peer group could decrease when growth projects start to materialise. Marketing material commissioned by Tallinna Sadam.
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • X (Twitter)
Get in touch
  • info@hcandersencapital.dk
  • Bredgade 23B, 2. sal
    1260 København K
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer
Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.
  • Latest
  • Markets
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
  • inderesTV
  • Forum
  • About Us
    • Our Coverage
    • Team