Rana Gruber (Buy, TP: NOK85.00) - Come rain or(e) shine
We initiate coverage of Rana Gruber with a BUY and NOK85 target price. As one of the marginal producers of iron ore, with a break-even price of USD70/t, we believe it is well positioned to benefit from a continued booming iron ore market. In combination with a best-in-class ESG profile, high cash returns, and an average estimated P/E of 6.3x over the next three years, we believe the stock offers positive risk/reward.
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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