We tweak our estimates ahead of the Q3 print set for 4 November by lowering our spot rate estimate slightly while we also reduce our estimate on the terminal JV contribution. Despite this, we are still somewhat above consensus expectations, being 3% and 4% above on adj. EBITDA and adj EPS for the coming quarter. In terms of valuation, we argue the significant discount to NAV (48%), combined with attractive EV/EBITDA multiples (5.4x in 2026) remains attractive. Thus, we reiterate our Buy recommen ....
