Rana Gruber (Buy, TP: NOK90.00) - All-time high production in Q4
Q4 adj. EPS was NOK2.6, 5% above our estimate (no consensus), due to lower-than-expected costs. Rana Gruber reinstated its 70% payout ratio after two quarters at 60%, resulting in a Q4 DPS of NOK1.8 and an annual yield of c9%. With only minor adjustments to our 2025–2026e EPS, we reiterate our BUY and NOK90 target price.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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