Boliden (Buy, TP: SEK460.00) - ‘Self-help’ and diversification
Due to our lower price assumptions, we have cut our 2023–2024e EBITDA by 5–7%. Still, we continue to see healthy 2023–2024e earnings, with relatively low downside risk thanks to Boliden’s unique diversification across base and precious metals. Furthermore, we expect sustained earnings improvement from 2025e owing to better metal grades at the Aitik mine and new profits from the Odda investment. We reiterate our BUY but have cut our target price to SEK460 (504).
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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