Tallinna Sadam

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...

The share price has come up by 24% over the past three months. Improving economic activity and speculation regarding peace in Ukraine could be the main reasons for the share price development. In addition, the new quay in Paldiski was ready in February...