Rana Gruber (Buy, TP: NOK70.00) - Back in the ring
Rana Gruber reported solid underlying Q4 results, largely in line with our estimates. Given its net cash position and buffer of around NOK200m, we believe the dividend payout ratio is likely to be closer to 95% in the coming years than the guided 50–70%. The current iron ore futures curve suggests accumulated DPS of NOK35 for 2022–2024e. On the back of a substantial positive shift in the futures curve, we have lifted our 2022e EPS by 30% and 2023e by 73%, and in turn our target price to NOK70 (65). 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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