** Analysts at Morningstar maintain Port of Tauranga's POT.NZ fair value estimate of NZ$5.6 and consider the stock overvalued

** Brokerage says stock of the marine port services provider trades on forward PE of 37 and offers dividend yield of just 2.5%

** Last week, the Accident Compensation Corporation entered into a voting agreement with a consortium, which includes Port of Tauranga, proposing to acquire a minority shareholding in Marsden Maritime MMH.NZ, which owns 50% of Northport, near Whangarei in Northland and adjacent commercial land

** Brokerage says deal is 'small' from POT's perspective but makes strategic sense with expansion likely to be easier with three aligned owners

** Adds New Zealand needs more port capacity and Northport expansion is sensible long-term solution

** POT stock up 4% YTD while MMH up 64.6% so far this year

(Reporting by Sneha Kumar in Bengaluru)

((Sneha.kumar@thomsonreuters.com;))