Tallinna Sadam's net sales and adjusted EBIT were relatively close to our expectations for Q3. Its revenue growth has not been strong in 2025, but profitability is very good. Revenue growth could remain close to zero this year, but improving economic activity in Estonia might support revenue growth next year. We currently forecast 4% revenue growth for 2026, part of which will come from the new Paldiski South harbour. Cash flow is stable, investments are coming down and the amount of net debt has decreased, which indicates that the dividend trend will not come under pressure. We do not consider the valuation to be challenging, as the company's 2025E P/BV is as much as 30% below the peer group's long-term median of 1.1x. Our fair value range of EUR 1.4-1.7 is unchanged, based on a combination of our DCF model and a peer group comparison. The current share price indicates a dividend yield of 6.1% for next spring (long-term peer group average: 4.3%).
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