Boliden (Buy, TP: SEK470.00) - Set for earnings growth
Our 2024–2026e earnings are largely unchanged and we continue to find the earnings growth and valuation multiples highly appealing. Based on favourable market conditions for most of Boliden’s products, we expect relatively strong Q4 earnings. In addition to the favourable position in copper and gold mining, we remain intrigued by company-specific earnings drivers for 2025–2027e. We reiterate our BUY, and have raised our target price to SEK470 (460), reflecting slightly improved earnings visibility and reduced risk.
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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