Boliden (Buy, TP: SEK450.00) - On track for impressive earnings
We reiterate our BUY but have cut our target price to SEK450 (470), having lowered our 2023e EBIT by 10% partly reflecting marked-to-market metal prices and FX but foremost due to temporarily lower copper grade at the key mine Aitik for 2023e after the new guidance. Nonetheless, our positive long-term view on Boliden is fully intact. In addition to an attractive valuation, we highlight Boliden’s unique ESG credentials and relatively good cost position, not least for electricity, 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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