Net sales and EBITDA without insurance compensation were broadly in line with our expectations for Q1. Volumes of passengers and cargo could remain in growth mode for 2025E, and several new growth initiatives could be released before the end of 2025E. The Estonian government's stake could decline from 67% to 51% well after the publication of new growth initiatives, i.e. in late 2026 or even in 2027. 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 company's 2025E P/BV is ~30% below the peer group's long-term median of 1.1x. We argue that the valuation discount to the peer group could decrease when growth projects start to materialise. Marketing material commissioned by Tallinna Sadam.
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