Boliden (Hold, TP: SEK340.00) - Elevated risks ahead of Q2
On new FX assumptions and an even more cautious view on the full impact of the fire damage at Rönnskär that will hit 2024e too, we have cut our 2023–2024e EBIT by 20–13%. While we still see an attractive long-term investment case underpinned by convincing mega-trends (green battery metals), we are increasingly concerned about the near-term risks. The full negative impact of restoring the Rönnskär smelter remains unclear and could continue to weigh on the stock, which is down only 6% since before the fire in mid-June. We reiterate our HOLD but have cut our target price to SEK340 (376).
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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