Cargo tonnes grew by 8% and the number of passengers increased by 1.4% y/y in Q3. However, the number of vessel calls fell by 2% y/y and the utilisation ratio of Botnica was also below that in Q3 last year. The company is expected to make a decision regarding a multifunctional service vessel in Q4 2025. We forecast the weak market outlook for offshore wind power parks to lead to a postponement or even cancellation of the final investment decision. The current economic environment is uncertain, increasing the risks related to the possible EUR 90m investment. Our estimated fair value range of EUR 1.4-1.7 per share is unchanged, based on a combination of our DCF model and a peer group comparison. The company's 2025E P/BV is 32% below the peer group's long-term median of 1.1x. The combined valuation (P/E and EV/EBIT) for 2025E-26E is 20% below the peer group.
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