Weaker than expected

Heads-up for report 23 April

No clear upside after recent performance

Q1e: higher volumes, but strikes weigh on EBIT. March metal rally supply-driven, but demand still weak. HOLD: recent performance leaves little valuation upside.

Capex-focus on CMD met with a sour reaction

Pre-CMD release: a lot of capex

Marginally negative risk/reward over CMD

Finnish strikes to impact Q1 EBIT by SEK 300m

Decent Q4, yet still too early for a recovery

Q1e: we have EBIT excl. PIR up 26% q-o-q. Estimates lowered for Smelters, Mines fairly unchanged. Decent Q4, but let's not get too carried away – HOLD.

Adj. EBIT excl. PIR in line, slighlty higher DPS

Heads-up for report 8 February

Valuation has corrected, down to HOLD

Valuation has corrected: HOLD (Buy), TP SEK 295 (305). FX loser at current rates, '24e-'25e EBIT down 4-3%. Q4e: bottom-up issues continue with lower Aitik production.

Expectations now low enough to BUY

EV/CE 1.13x and share 19% below our MTM model means flat prices are enough to justify a BUY (Hold). '23e-'24e EBIT down 2-5% on soft grade guidance.

Grades a dissapointment

Heads-up for report 20 October

Back to normal after a messy Q2

Back to normal in Q3e after a messy Q2. EBIT excl. PIR down 4-1% for '23e-'25e. 1.33x '23e EV/CE is low, but so is ROCE: HOLD.

Expert speaker: metals outlook

Costly copper supply needed to cover growing demand. Zinc struggling on weakness in Chinese construction. HOLD.

Q2 was the darkest hour, H2e better

Boliden delivered a very poor set of numbers, with adj. EBIT excl. PIR 43% below Infront consensus, mainly due to the Mines segment.

Big earnings miss

Three-punch combo of bad news

Lower grades, Tara on care & maintenance, and Rönnskär fire effects drive estimate changes. Too much near-term uncertainty: Down to HOLD (Buy), TP SEK 340.

New ICSG/ILZSG copper & zinc forecasts