Lundin Mining (Buy, TP: SEK65.00) - Gaining from favourable scenario
We reiterate our BUY and have raised our target price to SEK65 (60), as we expect strong volume growth and higher metals prices to support earnings. Moreover, its significant leverage to copper is attractive in our view and gold accounts for a considerable part of sales following the acquisition of Chapada, which is benefiting from high prices. We have raised our 2021–2022e EBITDA on marked-to-market metals prices and FX.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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