Lundin Mining (Hold, TP: SEK58.00) - Delivering according to plan
We believe Q4 marked a good end to the year, and 2020 looks solid in our view as: 1) company guidance should be achievable with growth projects on track; 2) solid cost control in Q4 should drive modest consensus EPS revisions; and 3) the strong balance sheet bodes well for further M&A and increasing shareholders returns. However, we maintain our HOLD and have trimmed our target price to SEK58 (59) as we believe a favourable 2020 is already well reflected in consensus and the stock.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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