Tallinna Sadam's revenue growth was 1% y/y and close to consensus (LSEG Data & Analytics) expectations, but adjusted EBITDA came in slightly below consensus in Q4. The company has not yet disclosed a dividend proposal for this spring. We forecast the same dividend per share as that of last year (EUR 0.073), as net debt is declining and operational cash flow is good. We currently forecast 3% revenue growth for 2026, but much will depend on the new quay in Paldiski. 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. We do not consider the valuation to be challenging, as the company's 2026E P/BV is 17% below the peer group's long-term median of 1.1x.