Financials Boliden

Equities

BOL

SE0020050417

Specialty Mining & Metals

End-of-day quote Nasdaq Stockholm Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
366.8 ^SEK	+0.19%		+0.25%	+16.63%

May. 30	Curtain down for the BHP-Anglo takeover saga
May. 29	Anglo rejects BHP’s call for an extended negotiation timeline

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	67,968	79,701	95,729	107,011	86,007	100,309	-	-
Enterprise Value (EV) ¹	73,461	81,937	94,811	106,996	96,735	115,675	114,793	110,889
P/E ratio	11.7 x	11.7 x	11 x	8.62 x	14.2 x	13.8 x	10.3 x	9.07 x
Yield	2.82%	4.89%	7.43%	6.77%	2.38%	2.14%	3.23%	3.91%
Capitalization / Revenue	1.36 x	1.42 x	1.39 x	1.24 x	1.09 x	1.23 x	1.1 x	1.07 x
EV / Revenue	1.47 x	1.45 x	1.38 x	1.24 x	1.23 x	1.41 x	1.25 x	1.18 x
EV / EBITDA	5.79 x	5.6 x	5.68 x	4.85 x	6.66 x	7.18 x	5.74 x	5.13 x
EV / FCF	116 x	16.5 x	13.3 x	16.9 x	-28.8 x	-41.3 x	23.2 x	17.2 x
FCF Yield	0.86%	6.05%	7.54%	5.92%	-3.47%	-2.42%	4.32%	5.8%
Price to Book	1.64 x	1.75 x	1.88 x	1.84 x	1.52 x	1.61 x	1.43 x	1.3 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	366.8	366.8	366.8
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	81,867	91,531	93,737
EBITDA ¹	12,689	14,628	16,703	22,057	14,533	16,109	20,004	21,599
EBIT ¹	7,597	8,935	11,083	15,895	8,287	10,029	13,358	14,816
Operating Margin	15.21%	15.86%	16.15%	18.39%	10.55%	12.25%	14.59%	15.81%
Earnings before Tax (EBT) ¹	7,337	8,668	10,839	15,601	7,600	9,515	12,782	14,186
Net income ¹	5,786	6,801	8,701	12,410	6,074	7,467	10,092	11,126
Net margin	11.59%	12.08%	12.68%	14.36%	7.73%	9.12%	11.03%	11.87%
EPS ²	21.15	24.86	31.81	45.37	22.21	26.66	35.72	40.45
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%	-3.42%	5.41%	6.86%
FCF Conversion (EBITDA)	5%	33.89%	42.79%	28.69%	-	-	24.76%	29.79%
FCF Conversion (Net income)	10.97%	72.89%	82.15%	51%	-	-	49.09%	57.84%
Dividend per Share ²	7.000	14.25	26.00	26.50	7.500	7.843	11.86	14.34
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	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	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	15,366	14,484	10,579
Net Cash position ¹	-	-	918	15	-	-	-	-
Leverage (Debt/EBITDA)	0.4329 x	0.1529 x	-	-	0.7382 x	0.9539 x	0.724 x	0.4898 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%	12.2%	15.1%	14.8%
ROA (Net income/ Total Assets)	9.25%	9.79%	11.4%	14%	6.1%	7.23%	9.39%	8.64%
Assets ¹	62,576	69,458	76,521	88,463	99,574	103,298	107,440	128,832
Book Value Per Share ²	151.0	167.0	186.0	213.0	206.0	227.0	256.0	281.0
Cash Flow per Share ²	34.50	41.20	48.10	60.00	44.50	46.50	55.50	64.10
Capex ¹	8,790	6,256	5,957	9,970	15,420	15,248	11,737	10,573
Capex / Sales	17.6%	11.11%	8.68%	11.53%	19.63%	18.63%	12.82%	11.28%
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

366.8 SEK

Average target price

341.8 SEK

Spread / Average Target

-6.81%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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KOREA ZINC INC.	+5.82%	7.89B
WESTERN MINING CO.,LTD.	+30.27%	6.12B
JINDUICHENG MOLYBDENUM CO., LTD.	+23.28%	5.19B
PT PETRINDO JAYA KREASI TBK	-44.13%	5.19B

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