Rana Gruber (Buy, TP: NOK65.00) - Knocked down, but got up again
We expect Rana Gruber to report Q4 EPS of NOK2.3 (results due at 07:00 CET on 11 February). Iron ore prices rebounded in Q4 from a low of ~USD80/t to ~USD130/t. We estimate an effective iron ore price of USD104/t per shipment, excluding shipping costs. We have lifted our 2022–2023e EPS by NOK6.8–5.7 after a ~55% uptick in the iron ore futures curve through 2022–2023 and raised our target price to NOK65 (50). We continue to find the stock attractive at an implied 2022e EV/EBITDA of 2.3x and 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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