Lundin Mining (Hold, TP: SEK59.00) - Operations tracking guidance
Ahead of the Q4 report (due on 20 February), Lundin Mining has announced its 2019 production results, which were in line with guidance and our estimates for FY19. We have raised our 2020–2021e EBITDA by 5%, reflecting marked-to-market metal prices and FX. We maintain our HOLD, but have raised our target price to SEK59 (57).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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