Rana Gruber (Buy, TP: NOK65.00) - Volume boost in Q1e
We expect Q1 adj. EPS of NOK5.5 (results due at 07:00 CET on 11 May, driven by higher sales volumes than expected at 423k tonnes of hematite (versus our previous estimate of 365k tonnes) and an iron ore price of USD133/t (excluding freight), boosted by a USD8/t lag effect from Q4 as settled prices were higher versus booked prices. We have cut our 2024–2025e by ~27–30%, following a 12–14% decline in iron ore futures, and in turn our target price to NOK65 (70). We still see solid dividend capacity in 2023e and remain upbeat on the Fe65 project. 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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