Boliden (Buy, TP: SEK560.00) - A (dividend) star is born
Due to company-specific reasons and capital allocations, profitability trends at Boliden’s mines and smelters look impressive. With more value-accretive investments on the agenda and higher copper grades at the Aitik mine, we believe these positive trends will continue. Thus, despite sizeable capex, we expect the balance sheet to be heavily overcapitalised, and the DPS to rise to SEK50 in 2025. We reiterate our BUY and have raised our target price to SEK560 (540).
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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