Actic Group AB: 1 director

A director at Actic Group AB sold 5,351,600 shares at 4.740SEK and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of bo...

Northern Lights

Actic Group AB (No_rec, TP: SEK) -

We have discontinued coverage of Actic Group. Our last published recommendation, target price and estimates should no longer be relied upon.

Boliden (Buy, TP: SEK420.00) - In a sweet spot

Despite low mining volumes, the Q1 results were close to our expectations, thanks to good cost control. We have made significant estimate increases on better metal price and FX assumptions, and beyond 2024 we continue to see additional earnings support from: 1) higher mining volumes due to richer metal grades; 2) normal operations at Rönnskär; and 3) growing profits from the Odda smelter. Our spot-based estimates for 2027 translate to an EV/EBIT of 5.2x, but we see significant upside potential to our forecasts on our view of a promising outlook for copper and gold. We have raised our target pr...

Beijer Ref (Hold, TP: SEK156.00) - Building (cash flow) confidence

We have increased our cash flow estimates but have made moderate underlying forecast changes after the Q1 report. Inclusion of recent M&A and updated FX has led us to raise our adj. EBITA by c3% on average for 2024–2026e. We have raised our target price to SEK156 (152) due to our model changes and updated peer multiples. We reiterate our HOLD and see limited upside potential given the valuation seems on the high side.

Epiroc (Buy, TP: SEK230.00) - Mix headwind, benefits to come

Similar to Sandvik’s Mining business, the main miss in Epiroc’s Q1 was the soft margin, albeit for different reasons. Sandvik pointed to the unfavourable timing of equipment deliveries, while Epiroc alluded to a pure mix issue (high share of equipment, low share of service). Only small benefits from Epiroc’s cost measures have started to show – we expect more to be gradually realised through 2024. We have trimmed our 2024–2026e adj. EBIT by 1% on average. We reiterate our BUY, but have lowered our target price to SEK230 (235).