Rana Gruber (Buy, TP: NOK70.00) - Iron ore futures remain buoyant
We expect Q2 adj. EPS of NOK1.3 (results due at 07:00 CET on 29 August). Current iron ore futures suggest continued earnings support in 2024, and we note the company plans to complete its Fe65 project by the end of that year. The upgrade should boost earnings as Fe65 iron ore has historically achieved a premium of USD16/t versus 62% Fe. We have raised our 2024–2025e EPS by 10–21% on a 3–5% uplift in the iron ore futures curve, and 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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