Cargo tonnes and the number of passengers declined slightly y/y in Q1. As a landlord and the port authority, the company's earnings are not significantly driven by shipping yields, although overall economic activity does affect its short-term growth prospects. The harbour's medium-term outlook appears upbeat owing to investments in its offshore windfarms base harbour. The company could even order a multifunctional offshore service vessel this year. One of the biggest potential pieces of news in 2025 could be a reduction of the Estonian government's stake from 67% to 51%. Our estimated fair value range remains at EUR 1.4-1.7, based on the combination of our DCF model and a peer group comparison. Marketing material commissioned by Tallinna Sadam.
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