Rana Gruber (Buy, TP: NOK65.00) - Dividends back on the menu
We expect Q4 adj. EPS of NOK3.8 (results due at 07:00 CET on 15 February), driven by a rebound in iron ore spot prices to ~USD117/t in the quarter, having bottomed out at ~USD78/t earlier in Q4. We estimate an average Q4 iron ore price of USD116/t per shipment, excluding freight (USD120/t including lag effects from Q3). We have raised our 2023–2024e EPS by NOK8.2–7.5 after a ~50% increase in the iron ore futures curve, and in turn our target price to NOK65 (50). 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.