Rana Gruber (Buy, TP: NOK70.00) - Dividends set to hold firm
Although uncertainty is looming in the European and Chinese iron ore markets, futures still suggest Rana Gruber should continue to generate attractive earnings. Management remained firm that the company will be able to fund capex and dividend payments. Furthermore, it said the Fe65 project is progressing well. We have raised our 2024–2025e EPS by 25% on a 6% uplift in iron ore futures. We reiterate our BUY and NOK70 target price.
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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