Rana Gruber (Buy, TP: NOK85.00) - On the front foot
The Q3 results were solid, and the capital markets update included confident messaging about ongoing strategic projects, particularly upgrading to 65% Fe content (Fe65) and increasing magnetite production. We reiterate our BUY and have raised our target price to NOK85 (75) on our c4% higher 2024–2025e EPS (given a c1% increase in the iron ore futures curve) and the positive outlooks for strategic projects.
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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