Tallinna Sadam: Q1 sales and EBITDA close to our expectations - Nordea

Containers, dry bulk cargo and the number of passengers grew in Q1 y/y, but liquid bulk cargo continued to decline. Although total cargo tonnes could remain the same for 2024 y/y, the number of passengers and vessel calls have the potential to grow by ~5% y/y for 2024. Overall, earnings momentum appears to be returning and the company could launch several growth projects in the near future. It is still trading at a 2024E P/BV of 0.8x, compared to the historical average of 1.2x (2018-23) and the peer group average of 1.5x. Our valuation approach is based on a 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.