Rana Gruber (Buy, TP: NOK85.00) - Ending 2023 in style
We expect Q4 adj. EPS of NOK5.1 and a DPS of NOK3.6 (70% payout policy), marking the end to a solid year, with an accumulated dividend distribution of ~NOK11.7 (~15% yield at current share price). We have raised our 2024–2025e EPS by ~8–10% on an ~8% uplift in iron ore futures, partly offset by our increased fixed-cost estimates, mainly driven by higher payroll costs. We reiterate our BUY and NOK85 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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