Financials Boliden

Equities

BOL

SE0020050417

Specialty Mining & Metals

End-of-day quote Nasdaq Stockholm Other stock markets 2025-01-10			5-day change	1st Jan Change
322.60 ^SEK	-3.12%		-0.68%	+3.90%

01-14	Nordnet savers have continued to bottom fish in early 2025	FW
01-13	Lannebo Mixfond Offensiv decreased 0.6 percent in December - heavy loss for Novo Nordisk	FW

Projected Income Statement: Boliden

income-statement-evolution-chart BOLIDEN

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	49,936	56,321	68,635	86,437	78,554	87,300	94,336	100,708
Change	-	12.79%	21.86%	25.94%	-9.12%	11.13%	8.06%	6.76%
EBITDA ¹	12,689	14,628	16,703	22,057	14,533	19,501	19,861	23,153
Change	-	15.28%	14.19%	32.05%	-34.11%	34.18%	1.85%	16.58%
EBIT ¹	7,597	8,935	11,083	15,895	8,287	13,310	12,347	15,064
Change	-	17.61%	24.04%	43.42%	-47.86%	60.61%	-7.23%	22%
Interest Paid ¹	-260	-267	-243	-293	-687	-996.7	-940.3	-845.7
Earnings before Tax (EBT) ¹	7,337	8,668	10,839	15,601	7,600	12,403	11,322	14,309
Change	-	18.14%	25.05%	43.93%	-51.29%	63.19%	-8.72%	26.38%
Net income ¹	5,786	6,801	8,701	12,410	6,074	9,911	9,127	11,105
Change	-	17.54%	27.94%	42.63%	-51.06%	63.18%	-7.91%	21.67%
Announcement Date	2/13/20	2/12/21	2/11/22	2/14/23	2/8/24	-	-	-

¹SEK in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	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	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	12,972	13,210	13,391	13,550	16,170	17,083	17,891	15,906	17,755	21,812	21,568	19,480	23,577	19,962	18,442	19,396	20,754	18,481	22,748	22,193	24,018	22,943	23,862	25,417	26,325	27,379	27,384	27,209
Change	-	1.83%	1.37%	1.19%	19.34%	5.65%	4.73%	-11.09%	11.62%	22.85%	-1.12%	-9.68%	21.03%	-15.33%	-7.61%	5.17%	7%	-10.95%	23.09%	-2.44%	8.22%	-4.47%	4%	6.52%	3.57%	4%	0.02%	-0.64%
EBITDA ¹	3,037	2,762	2,895	4,033	4,675	4,109	4,197	3,685	4,735	6,419	5,625	5,012	5,011	4,889	2,519	3,397	3,729	3,238	6,780	4,835	5,361	4,685	4,716	5,865	6,088	7,312	7,306	7,209
Change	-	-9.05%	4.82%	39.31%	15.92%	-12.11%	2.14%	-12.2%	28.49%	35.56%	-12.37%	-10.9%	-0.02%	-2.43%	-48.48%	34.86%	9.77%	-13.17%	109.39%	-28.69%	10.88%	-12.61%	0.67%	24.36%	3.79%	20.11%	-0.08%	-1.33%
EBIT ¹	1,744	1,435	1,801	2,622	3,077	2,779	2,785	2,305	3,214	5,038	4,078	3,550	3,229	3,405	874	1,912	2,096	1,615	4,814	3,165	3,686	2,938	2,940	3,574	3,775	5,026	5,006	4,895
Change	-	-17.72%	25.51%	45.59%	17.35%	-9.68%	0.22%	-17.24%	39.44%	56.75%	-19.06%	-12.95%	-9.04%	5.45%	-74.33%	118.76%	9.62%	-22.95%	198.08%	-34.25%	16.47%	-20.29%	0.07%	21.56%	5.62%	33.12%	-0.4%	-2.22%
Charge d'intérêts ¹	-77	-66	-76	-63	-63	-60	-59	-61	-64	-47	-94	-147	-7	-204	-235	-245	-4	-	-295	-306	-249.7	-175	-175	-275	-275	-	-	-
Earnings before Tax (EBT) ¹	1,667	1,369	1,726	2,559	3,013	2,719	2,727	2,244	3,149	4,991	3,984	3,404	3,222	3,201	640	1,668	2,092	1,411	4,519	2,859	3,476	2,744	2,746	3,327	3,483	4,716	4,697	4,586
Change	-	-17.88%	26.08%	48.26%	17.74%	-9.76%	0.29%	-17.71%	40.33%	58.49%	-20.18%	-14.56%	-5.35%	-0.65%	-80.01%	160.62%	25.42%	-32.55%	220.27%	-36.73%	21.6%	-21.06%	0.07%	21.14%	4.7%	35.41%	-0.41%	-2.37%
Net income ¹	1,360	1,067	1,346	2,034	2,353	2,177	2,189	1,798	2,536	3,969	3,156	2,707	2,578	2,541	520	1,356	1,656	1,139	3,609	2,281	2,812	2,086	2,087	2,596	2,724	3,618	3,602	3,519
Change	-	-21.54%	26.15%	51.11%	15.68%	-7.48%	0.55%	-17.86%	41.05%	56.51%	-20.48%	-14.23%	-4.77%	-1.44%	-79.54%	160.77%	22.12%	-31.22%	216.86%	-36.8%	23.28%	-25.83%	0.08%	24.35%	4.94%	32.82%	-0.44%	-2.31%
Announcement Date	2/13/20	4/28/20	7/22/20	10/28/20	2/12/21	4/27/21	7/21/21	10/22/21	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	7/19/24	10/22/24	-	-	-	-	-	-	-	-

¹SEK in Million

Estimates

Fiscal Period: December	2020 S1
Net sales	-
Change	-
EBITDA ¹	5,657
Change	-
EBIT	-
Change	-
Charge d'intérêts	-
Earnings before Tax (EBT)	-
Change	-
Net income	-
Change	-
Announcement Date	7/22/20

¹SEK in Million

Estimates

Forecast Balance Sheet: Boliden

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	5,493	2,236	-918	-15	10,728	14,612	18,231	14,072
Change	-	-59.29%	-141.06%	-101.63%	71,420%	36.2%	24.77%	-22.81%
Announcement Date	2/13/20	2/12/21	2/11/22	2/14/23	2/8/24	-	-	-

¹SEK in Million

Estimates

Cash Flow Forecast: Boliden

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	8,790	6,256	5,957	9,970	15,420	15,352	13,860	11,871
Change	-	-28.83%	-4.78%	67.37%	54.66%	-0.44%	-9.72%	-14.35%
Free Cash Flow (FCF) ¹	635	4,957	7,148	6,329	-3,354	-2,691	4,594	7,377
Change	-	680.63%	44.2%	-11.46%	-152.99%	-19.75%	-270.69%	60.58%
Announcement Date	2/13/20	2/12/21	2/11/22	2/14/23	2/8/24	-	-	-

¹SEK in Million

Estimates

Forecast Financial Ratios: Boliden

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	25.41%	25.97%	24.34%	25.52%	18.5%	22.34%	21.05%	22.99%
EBIT Margin (%)	15.21%	15.86%	16.15%	18.39%	10.55%	15.25%	13.09%	14.96%
EBT Margin (%)	14.69%	15.39%	15.79%	18.05%	9.67%	14.21%	12%	14.21%
Net margin (%)	11.59%	12.08%	12.68%	14.36%	7.73%	11.35%	9.68%	11.03%
FCF margin (%)	1.27%	8.8%	10.41%	7.32%	-4.27%	-3.08%	4.87%	7.33%
FCF / Net Income (%)	10.97%	72.89%	82.15%	51%	-55.22%	-27.16%	50.33%	66.43%
Profitability
ROA	9.25%	9.79%	11.37%	14.03%	6.1%	8.84%	7.68%	8.2%
ROE	14.3%	15.8%	18%	22.8%	10.59%	15.93%	12.76%	14.27%
Financial Health
Leverage (Debt/EBITDA)	0.43x	0.15x	-	-	0.74x	0.75x	0.92x	0.61x
Debt / Free cash flow	8.65x	0.45x	-	-	-3.2x	-5.43x	3.97x	1.91x
Capital Intensity
CAPEX / Current Assets (%)	17.6%	11.11%	8.68%	11.53%	19.63%	17.59%	14.69%	11.79%
CAPEX / EBITDA (%)	69.27%	42.77%	35.66%	45.2%	106.1%	78.72%	69.78%	51.27%
CAPEX / FCF (%)	1,384.25%	126.21%	83.34%	157.53%	-459.75%	-570.41%	301.7%	160.92%
Items per share
Cash flow per share ¹	34.52	41.15	48.06	59.95	44.54	47.04	57.82	65.62
Change	-	19.2%	16.79%	24.75%	-25.7%	5.61%	22.92%	13.49%
Dividend per Share ¹	7	14.25	26	26.5	7.5	11.45	10.38	12.86
Change	-	103.57%	82.46%	1.92%	-71.7%	52.67%	-9.38%	23.96%
Book Value Per Share ¹	151.5	166.8	186	213.2	206.2	230.1	258.2	286.4
Change	-	10.13%	11.49%	14.63%	-3.26%	11.54%	12.24%	10.91%
EPS ¹	21.15	24.86	31.81	45.37	22.21	36.2	32.17	38.89
Change	-	17.54%	27.96%	42.63%	-51.05%	63.01%	-11.15%	20.91%
Nbr of stocks (in thousands)	273,511	273,511	273,511	273,511	273,471	273,471	273,471	273,471
Announcement Date	2/13/20	2/12/21	2/11/22	2/14/23	2/8/24	-	-	-