Boliden (Buy, TP: SEK460.00) - ‘Self-help’ and diversification
Reflecting the deterioration in the macro outlook and our lower metal price assumptions, we have cut our 2025–2026e EBITDA by 12–13%. However, we still expect healthy earnings, seeing relatively limited downside risk thanks to unique diversification across base and precious metals, and steady earnings growth in our forecast horizon from investments, as well as better metal grades at the Aitik mine from late this year. We reiterate our BUY, but have cut our target price to SEK460 (500).
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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