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Third party research

Tallinna Sadam: Paldiski may be ready in 2026 - Nordea

Tallinna Sadam

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

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The company's EBITDA was close to our expectation in Q4, and investment in the new quay in Paldiski is on schedule. However, property development projects as well as an order for an own service vessel are taking a bit more time that we had expected. The equity story could change markedly if sanctions against Russia are potentially removed. In a positive scenario, the company's cargo operations might recover some of the lost volumes but geopolitical tensions create a lot of uncertainty for all our estimates. Our estimated fair value range remains at EUR 1.4-1.7, based on a combination of our DCF model and a peer group comparison. Marketing material commissioned by Tallinna Sadam.
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