Tallinna Sadam: Q1 EBITDA was close to our expectations - Nordea
Tämä on kolmannen osapuolen analyysi, eikä välttämättä vastaa Inderesin näkemystä tai arvoja
Group net sales was EUR 28.4m in Q1 (Nordea EUR 28.6m). Harbour calls by cargo vessels improved by 7% y/y. The amount of passengers decreased by 4% in Q1 y/y meanwhile Cargo segment’s volumes decreased by 1%. Q1 adjusted EBITDA was EUR 13.0m without insurance indemnity of EUR 0.9m (Nordea est. EUR 13.0m). Utilisation ratio of MPSV Botnica was 100% (100%) in Q1. Net cash flow was strong in Q1 due to increasing efficiency and lower investments. Preparation of the real estate business model continues but there were no new information regarding a possible wind power construction and maintenance vessel order. The company do not issue a detailed full year 2025 guidance. Market consensus for 2025 net sales is EUR 123m. Consensus for FY EBITDA is EUR 58m.