Tallinna Sadam

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...

Group net sales was EUR 28.2m in Q1 (Nordea est. EUR 28.1m). Harbour calls by vessels declined by 7% y/y. The amount of passengers decreased 3% in Q1 y/y meanwhile Cargo segment’s volumes decreased even by 8%. Adjusted EBITDA was EUR 11.6m in Q1 (Nordea...

Operational volumes were weaker than we expected in Q1, and we therefore lower our net sales estimates for the quarter. Earnings growth this year could be sensitive to utilisation rates for the new quay in Paldiski, but no major tenant has been announced...

Tallinna Sadam's revenue growth was 1% y/y and close to consensus (LSEG Data & Analytics) expectations, but adjusted EBITDA came in slightly below consensus in Q4. The company has not yet disclosed a dividend proposal for this spring. We forecast the...

Group net sales was EUR 29.2m in Q4 (LSEG consensus EUR 28.9m). Harbour calls by vessels declined by 4.8% y/y. The amount of passengers increased by 0.9% in Q4 y/y meanwhile Cargo segment’s volumes increased even by 5.6%. Total cargo tonnes in Q4 were...