contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    ...CompanyTagList
    id
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      defaultInstrument {
        isin
        id
      }
      id
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    id
    name
    viewerIsFollowing
    defaultInstrument {
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


emergers-equity-research-or-tallink-free-cash-flow-support-dividends

__typename

title

isPremium

lang

htmlBody

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Tallink Grupp engages in shipping. The company's main business consists of passenger transportation and the provision of other related services. In addition to the main business, Tallink Grupp also offers handling of large goods transports for operators in various industries. Tallink operates in the Finnish, Baltic and Russian markets. The head office is located in Tallinn.

Tallink Grupp

Q4 profit was below forecast but the declared dividend was above. We look for a macro driven recovery this year, and expect dividend policy payouts in the coming years, supported by healthy ...

<div class="mfn-preamble"><p><strong>Q4 profit was below forecast but the declared dividend was above. We look for a macro driven recovery this year, and expect dividend policy payouts in the coming years, supported by healthy free cash flow. Only small changes are made to the estimates and fair value.</strong></p></div><div class="mfn-body"><p><strong>Macro driven recovery</strong><br>We forecast a 1.0% increase in Restaurant &amp; shop sales this year following a 3.8% decline in 2024. The expected growth is driven by a meaningful GDP growth (1.5-2.2%) in Tallink’s core markets (Estonia, Finland, Sweden).</p><p><strong>More charter or divestments in the cards</strong><br>At the webinar, management stated that they are in constant negotiations regarding chartering vessels. Furthermore, they are willing to sell vessels (especially cargo ships) if the price is right. In our view, the market for selling vessels could improve this year as the Euribor is lower. Additional charter and/or vessel divestment could result in higher than forecast dividends.</p><p><strong>Free cash flow support dividend policy</strong><br>The 2024 declared dividend of EUR 0.06/shr indicates 9.0% yield. Our forecast 2025-27 dividend of EUR 0.05/shr. (in line with policy) implies 7.7% yield. While our forecast dividends are close to our EPS estimates, it is far below our forecast Free cash flow of EUR 0.15-0.18/shr. We raise our Base case Fair value slightly to EUR 0.82 (prev. 0.79).</p><p>Read the full report here: <a rel="noopener" href="https://www.emergers.se/tallink-q424/">https://www.emergers.se/tallink-q424/</a></p></div><div class="mfn-footer mfn-contacts mfn-c74eb72ef84e"><p><strong class="mfn-heading-1">Contact</strong></p><hr><p><strong>Johan Widmark</strong><br><a rel="noopener" href="mailto:johan@emergers.se">johan@emergers.se</a></p></div><div class="mfn-footer mfn-about mfn-1e59ff9d145b"><p><strong class="mfn-heading-1">About Emergers</strong></p><hr><p>This is a press release from Emergers.&nbsp;</p><p><strong>DISCLAIMER</strong><br>Information provided here or on Emergers' website emergers.se is not intended to be financial advice. Emergers receives compensation for writing about the company in question. The company has been given the opportunity to influence factual statements before publication, but forecasts, conclusions and valuation reasoning are Emergers' own. Articles of analysis shall not be construed as a recommendation or solicitation to invest in the companies described. Emergers cannot guarantee that the conclusions presented in the analysis will be met. Emergers cannot be held liable for either direct or indirect damages caused by decisions made on the basis of information in this analysis. Investors are encouraged to seek additional information as well as consult a financial advisor prior to any investment decision.</p><p>For more information and complete terms,&nbsp;please see emergers.se.</p></div><div class="mfn-footer mfn-attachment mfn-attachment-general"><p><strong class="mfn-heading-1">Attachments</strong></p><hr><p><a rel="noopener" href="https://storage.mfn.se/d5f06ac6-5869-4ffa-94f9-f275a60d04d2/equity-research-tallink-free-cash-flow-support-dividends.pdf" class="mfn-generated mfn-primary">Equity Research | TALLINK: Free cash flow support dividends</a></p></div>