Financials Boliden

Equities

BOL

SE0020050417

Specialty Mining & Metals

Real-time Estimate Cboe Europe 11:48:30 22/07/2024 BST 5-day change 1st Jan Change
316 SEK +1.18% Intraday chart for Boliden -13.25% -0.70%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 67,968 79,701 95,729 107,011 86,007 85,405 - -
Enterprise Value (EV) 1 73,461 81,937 94,811 106,996 96,735 100,956 99,062 95,321
P/E ratio 11.7 x 11.7 x 11 x 8.62 x 14.2 x 9.55 x 9.34 x 8.05 x
Yield 2.82% 4.89% 7.43% 6.77% 2.38% 2.93% 3.74% 4.47%
Capitalization / Revenue 1.36 x 1.42 x 1.39 x 1.24 x 1.09 x 1.01 x 0.92 x 0.91 x
EV / Revenue 1.47 x 1.45 x 1.38 x 1.24 x 1.23 x 1.19 x 1.07 x 1.01 x
EV / EBITDA 5.79 x 5.6 x 5.68 x 4.85 x 6.66 x 5.75 x 4.93 x 4.33 x
EV / FCF 116 x 16.5 x 13.3 x 16.9 x -28.8 x -38.3 x 24.1 x 14.6 x
FCF Yield 0.86% 6.05% 7.54% 5.92% -3.47% -2.61% 4.14% 6.84%
Price to Book 1.64 x 1.75 x 1.88 x 1.84 x 1.52 x 1.35 x 1.22 x 1.11 x
Nbr of stocks (in thousands) 273,511 273,511 273,511 273,511 273,471 273,471 - -
Reference price 2 248.5 291.4 350.0 391.2 314.5 312.3 312.3 312.3
Announcement Date 13/02/20 12/02/21 11/02/22 14/02/23 08/02/24 - - -
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 84,577 92,477 94,311
EBITDA 1 12,689 14,628 16,703 22,057 14,533 17,551 20,107 22,006
EBIT 1 7,597 8,935 11,083 15,895 8,287 12,100 12,991 14,996
Operating Margin 15.21% 15.86% 16.15% 18.39% 10.55% 14.31% 14.05% 15.9%
Earnings before Tax (EBT) 1 7,337 8,668 10,839 15,601 7,600 10,645 11,644 13,354
Net income 1 5,786 6,801 8,701 12,410 6,074 9,047 9,194 10,546
Net margin 11.59% 12.08% 12.68% 14.36% 7.73% 10.7% 9.94% 11.18%
EPS 2 21.15 24.86 31.81 45.37 22.21 32.69 33.43 38.80
Free Cash Flow 1 635 4,957 7,148 6,329 -3,354 -2,635 4,102 6,518
FCF margin 1.27% 8.8% 10.41% 7.32% -4.27% -3.12% 4.44% 6.91%
FCF Conversion (EBITDA) 5% 33.89% 42.79% 28.69% - - 20.4% 29.62%
FCF Conversion (Net income) 10.97% 72.89% 82.15% 51% - - 44.62% 61.8%
Dividend per Share 2 7.000 14.25 26.00 26.50 7.500 9.163 11.68 13.97
Announcement Date 13/02/20 12/02/21 11/02/22 14/02/23 08/02/24 - - -
1SEK in Million2SEK
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 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
Net sales 1 - 21,812 21,568 19,480 23,577 19,962 18,442 19,396 20,754 18,481 22,748 21,549 21,956 22,682 22,838 22,946
EBITDA 1 5,657 6,419 5,625 5,012 5,011 4,889 2,519 3,397 3,729 3,238 6,780 4,110 4,127 5,035 5,049 5,076
EBIT 1 - 5,038 4,078 3,550 3,229 3,405 874 1,912 2,096 1,615 4,814 2,506 2,519 3,245 3,253 3,212
Operating Margin - 23.1% 18.91% 18.22% 13.7% 17.06% 4.74% 9.86% 10.1% 8.74% 21.16% 11.63% 11.47% 14.31% 14.24% 14%
Earnings before Tax (EBT) 1 - 4,991 3,984 3,404 3,222 3,201 640 1,668 2,092 1,411 4,519 2,230 2,242 3,032 3,039 2,995
Net income 1 - 3,969 3,156 2,707 2,578 2,541 520 1,356 1,656 1,139 3,609 1,717 1,718 2,361 2,365 2,329
Net margin - 18.2% 14.63% 13.9% 10.93% 12.73% 2.82% 6.99% 7.98% 6.16% 15.87% 7.97% 7.82% 10.41% 10.35% 10.15%
EPS 2 - 14.51 11.54 9.900 9.420 9.290 1.900 4.960 6.060 4.160 13.20 6.279 6.280 7.698 8.065 7.712
Dividend per Share 2 - - - - 26.50 - - - 7.500 - - - 9.792 - - -
Announcement Date 22/07/20 28/04/22 21/07/22 20/10/22 14/02/23 25/04/23 20/07/23 20/10/23 08/02/24 23/04/24 19/07/24 - - - - -
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 15,551 13,657 9,916
Net Cash position 1 - - 918 15 - - - -
Leverage (Debt/EBITDA) 0.4329 x 0.1529 x - - 0.7382 x 0.8861 x 0.6792 x 0.4506 x
Free Cash Flow 1 635 4,957 7,148 6,329 -3,354 -2,635 4,102 6,518
ROE (net income / shareholders' equity) 14.3% 15.8% 18% 22.8% 10.6% 13.5% 14.6% 14.7%
ROA (Net income/ Total Assets) 9.25% 9.79% 11.4% 14% 6.1% 8.11% 8.53% 8.3%
Assets 1 62,576 69,458 76,521 88,463 99,574 111,525 107,841 127,087
Book Value Per Share 2 151.0 167.0 186.0 213.0 206.0 231.0 256.0 282.0
Cash Flow per Share 2 34.50 41.20 48.10 60.00 44.50 48.50 57.70 63.80
Capex 1 8,790 6,256 5,957 9,970 15,420 15,233 12,171 10,794
Capex / Sales 17.6% 11.11% 8.68% 11.53% 19.63% 18.01% 13.16% 11.44%
Announcement Date 13/02/20 12/02/21 11/02/22 14/02/23 08/02/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
16
Last Close Price
312.3 SEK
Average target price
352.5 SEK
Spread / Average Target
+12.87%
Consensus