Copyright © Inderes 2011 - present. All rights reserved.
  • Latest
  • Markets
    • Morning Review
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
    • Insider Transactions
  • inderesTV
  • Portfolio
  • Forum
  • Premium
  • Femme
  • Learn
    • Investing School
    • Q&A
    • Analysis School
  • About Us
    • Our Coverage
    • Team
Third party research

Tallinna Sadam: Decision to build new vessel could be postponed - Nordea

Tallinna Sadam

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

Download report (PDF)
Cargo tonnes grew by 8% and the number of passengers increased by 1.4% y/y in Q3. However, the number of vessel calls fell by 2% y/y and the utilisation ratio of Botnica was also below that in Q3 last year. The company is expected to make a decision regarding a multifunctional service vessel in Q4 2025. We forecast the weak market outlook for offshore wind power parks to lead to a postponement or even cancellation of the final investment decision. The current economic environment is uncertain, increasing the risks related to the possible EUR 90m investment. Our estimated fair value range of EUR 1.4-1.7 per share is unchanged, based on a combination of our DCF model and a peer group comparison. The company's 2025E P/BV is 32% below the peer group's long-term median of 1.1x. The combined valuation (P/E and EV/EBIT) for 2025E-26E is 20% below the peer group.
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • Instagram
  • X (Twitter)
  • Tiktok
  • Linkedin
Get in touch
  • info@inderes.fi
  • +358 10 219 4690
  • Porkkalankatu 5
    00180 Helsinki
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.