Boliden (Buy, TP: SEK330.00) - Liking the exposure and values
Liking the exposure and valuesIn our view, the mixed Q3 report included more positives than negatives. As we believe much of the risk of cuts to consensus has been eliminated, we have raised our target price to SEK330 (315) and upgraded to BUY (HOLD). Near-term, low metal grades from key mines and modified operations at the Rönnskär smelter are set to weigh on earnings; however, we see a sharp increase in earnings from 2025 as a result of: 1) higher volumes due to richer metal grades; 2) normal operations at Rönnskär; and 3) growing profits from the Odda smelter.
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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