Cargo tonnes and the number of passengers increased y/y in Q2. The amount of cruise vessel calls also increased by 46% y/y. Speculations regarding possible peace in Ukraine could continue, but it is highly uncertain that Russian cargo traffic would return in the event of a peace treaty. The company's own growth initiatives, however, are more than enough for the positive equity story, hence a rebound in Russian cargo is not required and would be an unexpected positive surprise. 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. The company's 2025E P/BV is ~30% below the peer group's long-term median of 1.1x. The valuation discount versus the peer group could decline when new tenants of the multifunctional quay in Paldiski are announced, or when the earnings model from the real estate business is proven.
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