Rana Gruber (Buy, TP: NOK70.00) - Dividends served
Q4 EBITDA of NOK168m fell 15% shy of our estimate, driven by a realised iron ore price of USD111/t, 8% below our estimate of USD120/t. Given the surge in iron ore prices at end-Q4, we consider the price deviation within a ‘normal’ range (depending on shipping timing effects). Our 2023–2024 EPS estimates are largely unchanged, and we consider Rana Gruber attractively valued at a 2023e EV/EBITDA of ~2.6x. We reiterate our BUY and have raised our target price to NOK70 (65) on a lower peer multiples discount.
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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