Boliden (Hold, TP: SEK376.00) - Higher risk and broken confidence
Although the financial impact from the fire at Rönnskär is impossible to quantify, the damage should be substantial for the coming quarters, as the critical cell house has burned down and will need to be rebuilt. In addition, Boliden has guided for lower grades for its Kevista and Tara mines in Q2, and due to a worsened outlook for the Tara mine, it has decided to temporarily idle the mine’s operations. Reflecting our estimate cuts and the risker outlook, we have downgraded to HOLD (BUY) and cut our target price to SEK376 (460).
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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