Boliden (Buy, TP: SEK490.00) - Rosy outlook for copper and gold
Although higher costs weighed on the mining division, this was more than offset by surprisingly strong prices and terms for the smelting division leading to slightly stronger-than-expected Q4 group results. We were also encouraged by the new reserve report showing good progress for the highly profitable Garpenberg mine and that Boliden’s key projects are on track. We reiterate our BUY, and have raised our target price to SEK490 (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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