Lundin Mining (Buy, TP: SEK105.00) - Set for a growth and value year
Following a disrupted Q4 we expect record-high Q1 earnings, with EBITDA of USD434m (+112% QOQ, 15% above consensus). Being highly geared to copper/gold prices, offering 6% copper equivalent volume growth in 2021e, and falling unit costs on volumes and favourable FX, we believe Lundin Mining offers good growth and value in 2021 even after the recent share price rally. Our 2021–2022e EBITDA are broadly unchanged, reflecting marked-to-market metal prices and FX. We reiterate our BUY and SEK105 target price.Lundin Mining is a holding company. Through its subsidiaries, Co. is engaged in the exploration for minerals and the production of base metals, with a focus on zinc.
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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