Boliden (Buy, TP: SEK480.00) - Mining division boosting the group
Due to lower metal price assumptions and a more cautious price view for the smelting business, we have lowered our 2024–2025e EBITDA by c6–9%. Still, our forecasts translate into highly appealing valuation multiples, and we expect underlying Q2 earnings to show a distinct increase due to more favourable metal prices and better mining operations than in preceding quarters. In addition to the favourable position in copper and gold mining, we also remain intrigued by company-specific earnings drivers for 2024–2027e. We reiterate our BUY but have cut our target price to SEK480 (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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