Boliden (Buy, TP: SEK520.00) - Growth, quality and values
Although Q4e earnings will likely be negatively affected by relatively low mining volumes, we believe this should be offset by higher metal prices and favourable business conditions for the smelters. Our positive long-term view on Boliden is intact. In addition to an attractive valuation on our raised forecasts, we note Boliden’s unique ESG credentials, relatively strong cost position, overcapitalised balance sheet, and generous cash distribution. We reiterate our BUY and have raised our target price to SEK520 (450).
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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