Rana Gruber (Buy, TP: NOK50.00) - Closer to break-even
Rana Gruber reported a somewhat disappointing Q3, hit by falling iron ore prices, higher than expected costs, and lower than expected volumes. We have raised our 2022–2023e costs by 6% on the higher costs in the Q3 report, and more importantly have cut our iron ore price forecasts given the negative shift in the futures curve. Overall, we have cut our 2022–2023e EPS by 56–75%. We have reduced our target price to NOK50 (65), but we reiterate our BUY.
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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