We reiterate our Buy recommendation following the Q3 report. The figures were in line with our estimates, with EBITDA coming in a mere -1% below our estimate. For Q4, we lower our EBITDA estimate slightly to USD 168.4m (Cons.: USD 173.6m, old: USD 171.9m), mostly due to asset sales. We expect LTV to cross below the 20% level before quarter-end, lifting the payout to 90%, which should be supportive for the stock. On our figures, HAFNI yields 13% in 2026, while simultaneously offering a P/E 6.8x a ....
