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SENASTE
Tallinna Sadam's y/y decline in total cargo volumes ended in Q1 after persisting for nine quarters. Overall, operational data gave a positive trigger for Q1. The major news after Q1 relates to the expanded contract for the company's current ferry operations. The next big news at the end of 2024 could potentially relate to it building a wind power construction and maintenance vessel. In our view, the possible investment cost for such a service vessel could be EUR 70-80m. Tallinna Sadam is already building a new wind-farm quay in Paldiski which should be ready next year. Our valuation approach for Tallinna Sadam is based on a combination of our DCF model and a peer group comparison. Our fair value range is EUR 1.4-1.7. Marketing material commissioned by Tallinna Sadam.
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