Rana Gruber (Buy, TP: NOK75.00) - Waiting for Fe65 prices
We expect Q3 adj. EPS of NOK4.1, and a NOK2.8 DPS, corresponding to the 70% payout policy. We have raised our 2024–2025e EPS by c39–29% on 9–7% increases in the iron ore futures curve. We believe Rana Gruber looks attractive at current multiples, with an implied dividend yield of c11-12% for 2024–2025e (and c15% for 2023e). We reiterate our BUY and have raised our target price to NOK75 (70), reflecting our estimate increases and higher earnings from likely upcoming Fe65 prices.
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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