Boliden (Buy, TP: SEK320.00) - Look beyond the current weakness
Our view on the investment case remains essentially unchanged after a Q4 report that was stronger than our cautious expectations. Near-term, low metal grades from key mines and modified operations at the Rönnskär smelter will continue to weigh on earnings; however, we see a sharp increase in earnings from 2025e as a result of: 1) higher volumes due to richer metal grades; 2) normal operations at Rönnskär; and 3) growing profits from the Odda expansion. We reiterate our BUY and our SEK320 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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