Boliden (Buy, TP: SEK580.00) - Higher prices triumphs inflation
Although we were somewhat surprised that input costs were c10% higher YOY, this was offset by an improved outlook for Boliden’s metal prices and improved pricing terms for the zinc smelters. We have made several positive changes to our forecasts, which are still based on marked-to-market metal prices and FX. Given the impressive earnings growth, an appealing valuation and obvious ESG qualities, we reiterate our BUY and SEK580 target price.
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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