Rana Gruber (Buy, TP: NOK90.00) - More to come in 2025
We estimate Q1 EBITDA of NOK165m, translating into adj. EPS of NOK3.1 and DPS of NOK1.9, corresponding to a payout ratio of 60%. Our forecast reflects a realised iron ore price of USD99.5/t (excluding freight). We have reduced our 2026–2027e EPS by 6–7% following a cUSD5/t reduction in iron ore futures. We reiterate our BUY and NOK90 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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