Boliden (Buy, TP: SEK450.00) - Q2 should not be extrapolated
Although the smelting business reported Q2 earnings above our expectations, this was more than offset by weak operations for the mining division, implying temporarily high opex and low volumes. Reflecting the severe Q2 earnings miss and much higher mining opex for H2e, we have lowered our 2024e EBITDA by 18% while reducing our 2025–2026e EBITDA by 6–7%. While acknowledging the weak near-term momentum, we continue to see attractive and growing profits from 2025e translating into very appealing multiples. We reiterate our BUY but have cut our target price to SEK450 (480).
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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