We reiterate our Hold following the Q1 report. The 12% drop yesterday is justified in our view, as we lower our DPS estimate by 32% in 2025 and 37% in 2026. This results in the company yielding 14% and 9%. The more conservative approach on distribution is overly cautious in our view while only amounting to USD 116m in NIBD difference over our forecasting period and we arrive at a net cash position of USD 134m by year 2027. This still provides the company with enough leverage capacity to pursue M ....
