Tallinna Sadam

Nordea maintains a fair value of EUR 1.4-1.7 for Tallinna Sadam, viewing the weak Q1 traffic data as a temporary weather-driven setback. The firm highlights an attractive 5% dividend yield and a valuation discount relative to global port peers.

Key Takeaways

• 1.Q1 2026 operational volumes were weaker than expected, leading to a downward revision of net sales estimates for the quarter.
• 2.A dividend yield of 5% remains a core pillar of the investment case, which is higher than the peer group median of 4.1%.
• 3.Fair value range for the stock remains unchanged at EUR 1.4-1.7, supported by a healthy balance sheet and attractive valuation relative to peers.

Table of Contents

• Traffic statistics were somewhat weak in Q1
• We forecast Q1 EBITDA of EUR 12.8m
• Dividend yield could remain a cornerstone of the equity story
• Quarterly estimates by segment
• Annual estimates by segment
• Peer group financials and valuation
• Reported numbers and forecasts
• Disclaimer and legal disclosures

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