We upgrade our Q4 EBIT forecast slightly, due to 18% y/y growth in cargo vessel calls. Overall, the fourth quarter progressed relatively well, leading us to expect 5% group-level revenue growth and an EBITDA margin of 41% for Q4 2024. Our DPS forecast is EUR 0.07. A change in tax rates in Estonia will increase Tallinna Sadam's tax burden by EUR ~2m in 2025, we believe. But the equity story could change markedly if there were peace in Ukraine. The company's cargo operations in Muuga Harbour have suffered from Russian sanctions. Our estimated fair value range remains at EUR 1.4-1.7, based on the combination of a DCF model and a peer group comparison. Marketing material commissioned by Tallinna Sadam.

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