Financials Boliden OTC Markets

Equities

BDNNY

US09752V1026

Specialty Mining & Metals

Delayed OTC Markets Other stock markets 15:11:08 2024-06-10 EDT			5-day change	1st Jan Change
67.47 ^USD	+1.68%		-2.79%	+7.83%

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	96,262	-	-
Enterprise Value (EV) ¹	73,461	81,937	94,811	106,996	96,735	111,670	110,776	106,841
P/E ratio	11.7 x	11.7 x	11 x	8.62 x	14.2 x	13.1 x	9.79 x	8.67 x
Yield	2.82%	4.89%	7.43%	6.77%	2.38%	2.35%	3.39%	4.09%
Capitalization / Revenue	1.36 x	1.42 x	1.39 x	1.24 x	1.09 x	1.17 x	1.05 x	1.02 x
EV / Revenue	1.47 x	1.45 x	1.38 x	1.24 x	1.23 x	1.36 x	1.21 x	1.14 x
EV / EBITDA	5.79 x	5.6 x	5.68 x	4.85 x	6.66 x	6.88 x	5.51 x	4.93 x
EV / FCF	116 x	16.5 x	13.3 x	16.9 x	-28.8 x	-39.8 x	22.4 x	16.6 x
FCF Yield	0.86%	6.05%	7.54%	5.92%	-3.47%	-2.51%	4.47%	6.02%
Price to Book	1.64 x	1.75 x	1.88 x	1.84 x	1.52 x	1.54 x	1.37 x	1.25 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	352.0	352.0	352.0
Announcement Date	20-02-13	21-02-12	22-02-11	23-02-14	24-02-08	-	-	-

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	82,350	91,898	93,930
EBITDA ¹	12,689	14,628	16,703	22,057	14,533	16,235	20,108	21,666
EBIT ¹	7,597	8,935	11,083	15,895	8,287	10,154	13,463	14,890
Operating Margin	15.21%	15.86%	16.15%	18.39%	10.55%	12.33%	14.65%	15.85%
Earnings before Tax (EBT) ¹	7,337	8,668	10,839	15,601	7,600	9,640	12,886	14,254
Net income ¹	5,786	6,801	8,701	12,410	6,074	7,560	10,169	11,180
Net margin	11.59%	12.08%	12.68%	14.36%	7.73%	9.18%	11.07%	11.9%
EPS ²	21.15	24.86	31.81	45.37	22.21	26.95	35.97	40.62
Free Cash Flow ¹	635	4,957	7,148	6,329	-3,354	-2,804	4,954	6,435
FCF margin	1.27%	8.8%	10.41%	7.32%	-4.27%	-3.4%	5.39%	6.85%
FCF Conversion (EBITDA)	5%	33.89%	42.79%	28.69%	-	-	24.64%	29.7%
FCF Conversion (Net income)	10.97%	72.89%	82.15%	51%	-	-	48.71%	57.56%
Dividend per Share ²	7.000	14.25	26.00	26.50	7.500	8.270	11.94	14.40
Announcement Date	20-02-13	21-02-12	22-02-11	23-02-14	24-02-08	-	-	-

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	24,523	23,743	24,578	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	4,728	4,195	6,461	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	3,655	3,119	2,803	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%	14.9%	13.14%	11.41%	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	3,484	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	2,716	1,942	1,961	2,521	2,150
Net margin	-	14.28%	18.2%	14.63%	13.9%	10.93%	12.73%	2.82%	6.99%	7.98%	6.16%	11.07%	8.18%	7.98%	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	8.723	7.258	7.567	8.031	7.006
Dividend per Share ²	-	26.00	-	-	-	26.50	-	-	-	7.500	-	-	-	6.676	-	-
Announcement Date	20-07-22	22-02-11	22-04-28	22-07-21	22-10-20	23-02-14	23-04-25	23-07-20	23-10-20	24-02-08	24-04-23	-	-	-	-	-

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	15,408	14,514	10,579
Net Cash position ¹	-	-	918	15	-	-	-	-
Leverage (Debt/EBITDA)	0.4329 x	0.1529 x	-	-	0.7382 x	0.9491 x	0.7218 x	0.4883 x
Free Cash Flow ¹	635	4,957	7,148	6,329	-3,354	-2,804	4,954	6,435
ROE (net income / shareholders' equity)	14.3%	15.8%	18%	22.8%	10.6%	12.3%	15.1%	14.8%
ROA (Net income/ Total Assets)	9.25%	9.79%	11.4%	14%	6.1%	7.49%	9.56%	8.72%
Assets ¹	62,576	69,458	76,521	88,463	99,574	100,885	106,403	128,276
Book Value Per Share ²	151.0	167.0	186.0	213.0	206.0	228.0	257.0	282.0
Cash Flow per Share ²	34.50	41.20	48.10	60.00	44.50	47.20	56.10	64.40
Capex ¹	8,790	6,256	5,957	9,970	15,420	15,256	11,755	10,573
Capex / Sales	17.6%	11.11%	8.68%	11.53%	19.63%	18.53%	12.79%	11.26%
Announcement Date	20-02-13	21-02-12	22-02-11	23-02-14	24-02-08	-	-	-

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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

352 SEK

Average target price

344.3 SEK

Spread / Average Target

-2.18%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Specialty Mining & Metals

	1st Jan change	Capi.
SOUTHERN COPPER CORPORATION	+29.39%	85.07B
FREEPORT-MCMORAN INC.	+17.63%	70.78B
MINING AND METALLURGICAL COMPANY NORILSK NICKEL	-.--%	28.7B
JIANGXI COPPER COMPANY LIMITED	+52.72%	10.09B
SUMITOMO METAL MINING CO., LTD.	+14.23%	8.54B
KOREA ZINC INC.	-2.01%	7.5B
WESTERN MINING CO.,LTD.	+28.80%	6.04B
PT PETRINDO JAYA KREASI TBK	-35.94%	5.41B
JINDUICHENG MOLYBDENUM CO., LTD.	+18.20%	4.97B

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