Boliden (Hold, TP: SEK300.00) - Blow to the investment case
We are puzzled by Boliden’s poor Q2 earnings, where the weak spot was the mining division, which reported historically poor quarterly EBIT of below SEK200m due to a combination of weaker prices, low volumes and high opex. Primarily reflecting higher costs for the mines, we have lowered our 2023–2024e EBITDA by 16–15%. Based on our estimate cuts and the higher risk to the outlook, we have reduced our target price to SEK300 (340). We reiterate our HOLD.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.