Rana Gruber (Buy, TP: NOK70.00) - Closing in on Fe65 prices
At the Q1 presentation, management gave firmer guidance on how it will upgrade to Fe65 (65% iron content in hematite products) and possibly to Fe67 at a later stage. With Fe65 prices set to take effect 12 months from now, we have incorporated this into our price scenarios in the valuation methodology and have raised 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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