Boliden (Buy, TP: SEK540.00) - On track
Due to a more cautious view on cost inflation and mining volumes for 2023e and slightly lower marked-to-market prices on metals and FX, we have cut our 2023–2024e EBITDA by 6% and 2%, respectively. However, we stress that our positive long-term view on Boliden is intact. In addition to an attractive valuation on all parameters, we note Boliden’s unique ESG credentials, relatively strong cost position, healthy balance sheet and value creation from ongoing investment. We reiterate our BUY but have cut our target price to SEK540 (560).
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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