Boliden (Buy, TP: SEK500.00) - A new chapter for Garpenberg
At the upcoming CMD, we expect several significant project updates and important company news including Boliden’s plan to potentially expand its profitable Garpenberg mine. While it is still early days, we believe a potential Garpenberg expansion could involve cSEK10bn in investments, increasing the ore design capacity of 3.5Mt to 6Mt, implying an estimated attractive RoCE of 16% (at current FX and prices). We reiterate our BUY, but have raised our target price to SEK500 (490), reflecting our expectations of increasingly supportive company-specific news flow.
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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