Report published August 11, 2026
Tallinna Sadam: Nordea Equity Research on Capex Normalization & Dividend Potential
Source and citation context
- Issuer
- Nordea
- Report date
- August 11, 2026
- Analysis as of
- Not stated in source
Authors / editors: Pasi Väisänen, CEFA (Analyst)
Finvaulta summarizes Nordea's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Nordea reiterates its EUR 1.4-1.7 fair value range for Tallinna Sadam following Q2 results. Decreasing capital expenditure is set to boost free cash flow to over EUR 40m by 2027E, providing strong support for future dividend growth.
Key Takeaways
- 1.Nordea maintains its fair value range of EUR 1.4-1.7 for Tallinna Sadam, underpinned by DCF and peer group multiples, as valuation remains undemanding at a 26% discount on 2026E P/BV relative to peers.
- 2.Capital expenditure is tapering off, which is expected to expand free cash flow above EUR 40m in 2027E, delivering an estimated 13% FCF yield and supporting higher dividend payouts.
- 3.Q2 net sales grew 5.4% y/y to EUR 31.1m, while adjusted EBITDA of EUR 14.2m slightly trailed expectations due to Ferry segment softness and one-off cost increases.
Table of Contents
- KEY DATA
- PERFORMANCE
- VALUATION APPROACH
- ESTIMATE CHANGES
- Nordea IB & Equity - Analysts
- Lower investments could support dividend payments
- Q2: Group revenue growth of 5.4%
- Adjusted EBITDA could be down in 2026 on a y/y basis
- Declining investments could support dividend expectations
- SUMMARY TABLE - KEY FIGURES
- Quarterly estimates by segment
- Annual estimates by segment
- Peer group financials and valuation
- Reported numbers and forecasts
- BALANCE SHEET
- CASH FLOW STATEMENT
- Disclaimer and legal disclosures
- Fair value and sensitivity
- Marketing material
Report data
SUMMARY TABLE - KEY FIGURES
| Metric | Estimate | Context |
|---|---|---|
| Share price close | 1.24 EUR | Closing share price of Tallinna Sadam |
| Market Capitalisation | 327.2 EURm | Total market capitalization of Tallinna Sadam |
| Fair Value Range | 1.4-1.7 EUR | Nordea fair value range for Tallinna Sadam |
| Q2 Group Revenue | 31.1 EURm | Group revenue for the second quarter |
| Q2 Adjusted EBITDA | 14.2 EURm | Adjusted EBITDA in Q2 2026 |
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Authors / Editors
Reported Data Context
- Share price close: 1.24 EUR (2026-08-11)
- Market Capitalisation: 327.2 EURm (2026-08-11)
- Fair Value Range: 1.4-1.7 EUR (2026) · Source: Nordea estimates
- Q2 Group Revenue: 31.1 EURm (Q2 2026) · Source: Company data
- Q2 Adjusted EBITDA: 14.2 EURm (Q2 2026) · Source: Company data and Nordea estimates
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