Financials Boliden

Equities

BOL

SE0020050417

Specialty Mining & Metals

End-of-day quote Nasdaq Stockholm Other stock markets 18:00:00 2024-06-18 EDT			5-day change	1st Jan Change
339.8 ^SEK	+0.41%		+0.41%	+8.04%

06-06	Copper markets assessed with a much-needed lens of objectivity
06-04	Soltech to Develop Mobile Chargers for Machines at Boliden's Swedish Mine	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	67,968	79,701	95,729	107,011	86,007	94,484	-	-
Enterprise Value (EV) ¹	73,461	81,937	94,811	106,996	96,735	109,645	108,197	103,979
P/E ratio	11.7 x	11.7 x	11 x	8.62 x	14.2 x	12.1 x	9.95 x	8.67 x
Yield	2.82%	4.89%	7.43%	6.77%	2.38%	2.65%	3.36%	4.29%
Capitalization / Revenue	1.36 x	1.42 x	1.39 x	1.24 x	1.09 x	1.14 x	1.02 x	1 x
EV / Revenue	1.47 x	1.45 x	1.38 x	1.24 x	1.23 x	1.32 x	1.17 x	1.1 x
EV / EBITDA	5.79 x	5.6 x	5.68 x	4.85 x	6.66 x	6.69 x	5.46 x	4.88 x
EV / FCF	116 x	16.5 x	13.3 x	16.9 x	-28.8 x	-55.1 x	28.5 x	16.5 x
FCF Yield	0.86%	6.05%	7.54%	5.92%	-3.47%	-1.82%	3.5%	6.08%
Price to Book	1.64 x	1.75 x	1.88 x	1.84 x	1.52 x	1.49 x	1.34 x	1.22 x
Nbr of stocks (in thousands)	273,511	273,511	273,511	273,511	273,471	273,471	-	-
Reference price ²	248.5	291.4	350.0	391.2	314.5	345.5	345.5	345.5
Announcement Date	2/13/20	2/12/21	2/11/22	2/14/23	2/8/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	49,936	56,321	68,635	86,437	78,554	82,935	92,192	94,226
EBITDA ¹	12,689	14,628	16,703	22,057	14,533	16,379	19,809	21,297
EBIT ¹	7,597	8,935	11,083	15,895	8,287	10,717	13,135	14,599
Operating Margin	15.21%	15.86%	16.15%	18.39%	10.55%	12.92%	14.25%	15.49%
Earnings before Tax (EBT) ¹	7,337	8,668	10,839	15,601	7,600	10,000	12,491	13,932
Net income ¹	5,786	6,801	8,701	12,410	6,074	8,082	9,761	10,923
Net margin	11.59%	12.08%	12.68%	14.36%	7.73%	9.74%	10.59%	11.59%
EPS ²	21.15	24.86	31.81	45.37	22.21	28.66	34.73	39.84
Free Cash Flow ¹	635	4,957	7,148	6,329	-3,354	-1,991	3,790	6,320
FCF margin	1.27%	8.8%	10.41%	7.32%	-4.27%	-2.4%	4.11%	6.71%
FCF Conversion (EBITDA)	5%	33.89%	42.79%	28.69%	-	-	19.13%	29.68%
FCF Conversion (Net income)	10.97%	72.89%	82.15%	51%	-	-	38.83%	57.86%
Dividend per Share ²	7.000	14.25	26.00	26.50	7.500	9.166	11.62	14.83
Announcement Date	2/13/20	2/12/21	2/11/22	2/14/23	2/8/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	-	17,755	21,812	21,568	19,480	23,577	19,962	18,442	19,396	20,754	18,481	22,847	23,228	24,028	22,947	23,047
EBITDA ¹	5,657	4,735	6,419	5,625	5,012	5,011	4,889	2,519	3,397	3,729	3,238	5,448	3,956	6,110	5,206	4,810
EBIT ¹	-	3,214	5,038	4,078	3,550	3,229	3,405	874	1,912	2,096	1,615	4,389	2,880	2,882	3,428	3,027
Operating Margin	-	18.1%	23.1%	18.91%	18.22%	13.7%	17.06%	4.74%	9.86%	10.1%	8.74%	19.21%	12.4%	11.99%	14.94%	13.13%
Earnings before Tax (EBT) ¹	-	3,149	4,991	3,984	3,404	3,222	3,201	640	1,668	2,092	1,411	3,467	2,497	2,522	3,231	2,808
Net income ¹	-	2,536	3,969	3,156	2,707	2,578	2,541	520	1,356	1,656	1,139	2,702	1,942	1,961	2,521	2,151
Net margin	-	14.28%	18.2%	14.63%	13.9%	10.93%	12.73%	2.82%	6.99%	7.98%	6.16%	11.83%	8.36%	8.16%	10.98%	9.33%
EPS ²	-	9.270	14.51	11.54	9.900	9.420	9.290	1.900	4.960	6.060	4.160	8.297	6.044	6.189	8.032	7.007
Dividend per Share ²	-	26.00	-	-	-	26.50	-	-	-	7.500	-	-	-	6.643	-	-
Announcement Date	7/22/20	2/11/22	4/28/22	7/21/22	10/20/22	2/14/23	4/25/23	7/20/23	10/20/23	2/8/24	4/23/24	-	-	-	-	-

¹SEK in Million²SEK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	5,493	2,236	-	-	10,728	15,160	13,713	9,495
Net Cash position ¹	-	-	918	15	-	-	-	-
Leverage (Debt/EBITDA)	0.4329 x	0.1529 x	-	-	0.7382 x	0.9256 x	0.6923 x	0.4458 x
Free Cash Flow ¹	635	4,957	7,148	6,329	-3,354	-1,991	3,790	6,320
ROE (net income / shareholders' equity)	14.3%	15.8%	18%	22.8%	10.6%	12.8%	14.6%	14.5%
ROA (Net income/ Total Assets)	9.25%	9.79%	11.4%	14%	6.1%	7.74%	9.25%	8.69%
Assets ¹	62,576	69,458	76,521	88,463	99,574	104,361	105,520	125,704
Book Value Per Share ²	151.0	167.0	186.0	213.0	206.0	232.0	257.0	283.0
Cash Flow per Share ²	34.50	41.20	48.10	60.00	44.50	48.10	56.60	63.50
Capex ¹	8,790	6,256	5,957	9,970	15,420	15,402	12,094	10,717
Capex / Sales	17.6%	11.11%	8.68%	11.53%	19.63%	18.57%	13.12%	11.37%
Announcement Date	2/13/20	2/12/21	2/11/22	2/14/23	2/8/24	-	-	-

¹SEK in Million²SEK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Boliden

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

345.5 SEK

Average target price

344.2 SEK

Spread / Average Target

-0.38%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Specialty Mining & Metals

	1st Jan change	Capi.
BOLIDEN	+8.04%	9.09B
SOUTHERN COPPER CORPORATION	+28.19%	85.91B
FREEPORT-MCMORAN INC.	+17.17%	72.37B
MINING AND METALLURGICAL COMPANY NORILSK NICKEL	-.--%	29.23B
JIANGXI COPPER COMPANY LIMITED	+42.03%	9.54B
SUMITOMO METAL MINING CO., LTD.	+18.23%	8.45B
KOREA ZINC INC.	-1.20%	7.35B
WESTERN MINING CO.,LTD.	+24.39%	5.82B
PT PETRINDO JAYA KREASI TBK	-38.92%	5.62B
JINDUICHENG MOLYBDENUM CO., LTD.	+10.69%	4.65B

Other Specialty Mining & Metals