Rana Gruber (Buy, TP: NOK90.00) - Navigating uncertain times
We estimate Q4 EBITDA of NOK112m, alongside adj. EPS of NOK2.5, reflecting flat QOQ growth in the realised iron ore price of USD93/t. We expect an unchanged payout ratio of 60%, resulting in a DPS of NOK1.5. We have adjusted our 2025–2026e EPS by 5–2% on an increase in the iron ore futures curve and remain optimistic about Rana Gruber’s ability to navigate potential sluggish markets. We reiterate our BUY and target price of NOK90.
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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