Rana Gruber (Buy, TP: NOK85.00) - Volumes get a boost in Q2
We forecast Q2 EBITDA of NOK302m based on an effective iron ore price of USD119/t (excluding freight), and EPS of NOK4.7, translating into a quarterly DPS of NOK3.7, in line with the 70% payout policy. While we have cut our 2025–2026e EPS by 4–5% on the clouded market outlook and structural headwinds, we remain optimistic given Rana Gruber’s high-grade iron ore, which would offer better protection against future market downturns. We reiterate our BUY but have reduced our target price to NOK85 (90).
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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