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Jguiden
20.10.2021 kl 08:50 5959

BUY - Kursmål 80

Since our update in late August, the Rana Gruber shares are down approximately 28%, and trades only marginally above the NOK 50/share mark. While both a share price reaction and target price reduction are warranted given how the iron ore market has developed over the last months, we argue investors have been too harsh on Rana. With almost a quarter of its market cap in cash and a strong hedging portfolio, we continue to like the stock. Our fair value assessment of NOK 80/share, based on updated assumptions, offers a healthy 58% potential upside. Rana is not the most liquid stock, but for investors looking for a long-term commodity-based dividend play, the company ticks the right boxes, in our view.
- Clarksons P

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