Boliden (Buy, TP: SEK480.00) - Earnings growth is on
Due to favourable operations and unusually high gold production, underlying Q3 earnings were above our expectations. Mainly due to the Q3 earnings beat, we have increased our underlying EBITDA by c6%, while we maintain our 2025–2026e EBITDA which is considerably above consensus. We continue to like the favourable exposure to copper and gold and the earnings growth from self-help. We reiterate our BUY, and have raised our target price to SEK480 (470).
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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