Rana Gruber (Buy, TP: NOK85.00) - Q2 miss driven by COGS
Q2 EBITDA missed our estimate by 32% and consensus by 24%, primarily on a spike in COGS. A 10%-point drop in the payout ratio (to 60%) resulted in a DPS of NOK2.2, 40–34% below expectations. Rana Gruber’s cash costs hit an all-time high of USD93/t; we have reduced our 2025-2026e EPS estimates by 4% after the report. 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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