With a structural long-term growth in demand for green CO2 free iron ore and a medium-term supply crisis following the risk of a cut off from Russian high grade iron ore imports to Europe, the macro and geopolitical developments, while tragic and worrisome, are clearly beneficiary to both of GRANGX’s projects. While Q1 presented some 3-6 month delays compared to previous timeline, a weaker SEK and stronger outlook for high grade iron ore and phosphate rock prices support a upwards revision of our fair value to 0,19-0,33 (0,17-0,29) in 12-24 months, which translates to SEK 95-163 post a reversed split likely to benefit trading in the share.
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