Lundin Mining (Buy, TP: SEK60.00) - Benefiting from higher prices
We reiterate our BUY and have raised our target price to SEK60 (58) as the stock offers maximum leverage to the copper price, which has rebounded 25% since the trough. Higher prices appear not to be reflected in the share price, and we believe the market is pricing in a 3% lower copper price in 2021. We have raised our 2020–2021e EBITDA by 14% on average on marked-to-market metal prices and FX, taking us 14% above consensus.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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