Boliden (Buy, TP: SEK470.00) - On course for impressive earnings
We have raised our 2023e EBITDA by 6% to reflect marked-to-market metal prices and FX. Given still-favourable prices and relatively stable input costs, we expect impressive Q3 earnings. More importantly, with good demand trends and significant cost inflation hurting the industry to a much greater extent than Boliden, we believe the pricing of its key metals should remain favourable. Thus, we see attractive valuation multiples and sustainable, high dividend yields. We reiterate our BUY and have raised our target price to SEK470 (460).
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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