Boliden (Hold, TP: SEK315.00) - Appreciation yet to come
While we remain concerned about near-term earnings risk, we believe the elevated company-specific risks are largely priced in. That said, we do not expect the stock to outperform until clarity is provided on the three company-specific issues: 1) risks related to grades at Boliden’s key mines for 2024–2025e; 2) the full impact of the recent fire at the Rönnskär smelter; and 3) the status of the Tara zinc mine. We reiterate our HOLD but have increased our target price to SEK315 (300) on higher estimates, mainly explained by new FX assumptions (USD/SEK).
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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