Boliden (Buy, TP: SEK400.00) - Cost inflation taking its toll
We reiterate our BUY but have cut our target price to SEK400 (420), having lowered our 2022–2023e EBIT by 7–17% to reflect marked-to-market metal prices and FX and to some extent higher cost inflation that was visible in the Q2 report. Nonetheless, our positive long-term view on Boliden is unchanged. In addition to an attractive valuation, we highlight Boliden’s unique ESG credentials and relatively good cost position in its industry.
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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