Lundin Mining (Buy, TP: SEK70.00) - Positioned for growth and cash flow
We reiterate our BUY and have raised our target price to SEK70 (68). We see Q4 as a short-term hiccup, and expect solid volume growth and a well-capitalised asset base to generate significant cash flow at current prices in 2021–2022e, which does not seem priced in. In our view, the company is well positioned to deliver on its growth opportunities up to 2022e despite Q4e headwinds from Candelaria and Chapada.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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