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Boliden
(OTC:BDNNY)
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Rating:64Neutral
Price Target:
$105.00
▲(5.87% Upside)
Action:Reiterated
Date:07/22/26
The score is supported most by solid financial fundamentals (profitability and a prudent balance sheet) and reasonable valuation. It is held back by weak technicals (price below key moving averages with negative momentum) and a mixed earnings-call outlook driven by near-term cash-flow and operational/ramp-up risks despite reiterated guidance.
Positive Factors
Balance sheet strength
Low leverage (TTM debt-to-equity ~0.29) and healthy ROE (~15%) give Boliden structural financial flexibility. Conservatively positioned capital structure supports funding cyclical capex, dividends and working-capital swings without forcing distress financing, preserving long-term investment optionality.
Negative Factors
Weak free cash flow
Material negative FCF and planned SEK 1.5–2.0bn working-capital build erode cash conversion and limit internal funding for capex or dividends. Persistently weak FCF increases reliance on debt or equity financing, raising financial flexibility risk during commodity or operational stress over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Low leverage (TTM debt-to-equity ~0.29) and healthy ROE (~15%) give Boliden structural financial flexibility. Conservatively positioned capital structure supports funding cyclical capex, dividends and working-capital swings without forcing distress financing, preserving long-term investment optionality.
Read all positive factors
Boliden (BDNNY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$15.59B
Dividend Yield2.11%
Average Volume (3M)433.00
Price to Earnings (P/E)11.8
Beta (1Y)1.42
Revenue Growth25.95%
EPS Growth72.40%
CountryUS
Employees8,154
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)88.42
Shares Outstanding136,755,500
10 Day Avg. Volume0
30 Day Avg. Volume433
Financial Highlights & Ratios
PEG Ratio-1.13
Price to Book (P/B)1.88
Price to Sales (P/S)1.64
P/FCF Ratio29.17
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)8.6
Revenue Forecast (FY)$11.86B
Boliden Business Overview & Revenue Model
Company Description
Boliden AB (publ) is a prominent mining and metallurgy company specializing in the exploration, extraction, and refinement of both base and precious metals. Its extensive operations span a wide geographical area, encompassing Sweden, the broader N...
How the Company Makes Money
Boliden makes money primarily by producing and selling metals and metal products through two main parts of the value chain: (1) mining and (2) smelting/refining (including recycling).
1) Mining (concentrate production and sales)
- Boliden extract...
Boliden Earnings Call Summary
Earnings Call Date:Jul 21, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Neutral
The call presents a mixed picture: strong headline financials (EBITDA, EBIT ex inventory revaluation, EPS) and several operational positives (Aitik record volumes, solid performance from acquired mines, Garpenberg restart progressing, ESG improvements and commodity-price tailwinds) are offset by meaningful near-term operational and cash-flow challenges (negative free cash flow, working capital and inventory build, Garpenberg earnings loss this quarter and uncertainty on Lappberget, Odda and Tara ramp-up issues, and heavy smelter maintenance). Management has reiterated most guidance and expects operational fixes and working-capital normalization, but several operational risks remain in the near term.Positive Updates
Strong underlying profitability
EBIT excluding process inventory revaluation of SEK 2.9 billion and EBITDA of SEK 5.5 billion in Q2; EPS of SEK 7.81. Management notes these metrics are clearly up year-on-year.
Negative Updates
Negative free cash flow and working capital build
Free cash flow was negative SEK 2 billion in Q2; management attributes this to seasonal maintenance stops, inventory build (timing), Odda slower ramp-up and some shipment timing — working capital build expected to partly reverse but also to include a planned SEK 1.5–2.0 billion build for Rönnskär ramp-up.
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Q2-2026 Updates
Positive
Negative
Strong underlying profitability
EBIT excluding process inventory revaluation of SEK 2.9 billion and EBITDA of SEK 5.5 billion in Q2; EPS of SEK 7.81. Management notes these metrics are clearly up year-on-year.
Read all positive updates
Company Guidance
Management reiterated its full‑year guidance apart from a revised Tara throughput (down from 1.8 to 1.6 Mt for 2026) and confirmed Garpenberg at 1.5 Mt for 2026 and 2.3 Mt for 2027; CapEx guidance remains around SEK 4.0 billion (Q2 CapEx a little above SEK 4bn), maintenance hit was ~SEK 350m in Q2, and Q2 free cash flow was negative ~SEK 2bn with an inventory build of roughly SEK 2bn that management expects to reverse next quarter. They flagged a planned working‑capital build for the Rönnskär ramp‑up in the vicinity of SEK 1.5–2.0bn, expect depreciation to rise from ~SEK 2.3bn/quarter to ~SEK 2.6bn/quarter as Odda starts depreciating, and noted net debt rose by ~SEK 5bn (SEK 3bn dividend + SEK 2bn cash out) with gearing of ~24%.Boliden Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
82
Very Positive
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 102.77B | 87.90B | 89.21B | 78.55B | 86.44B | 68.64B |
| Gross Profit | 19.67B | 14.84B | 12.90B | 10.74B | 18.15B | 12.93B |
| EBITDA | 27.53B | 20.82B | 20.58B | 14.57B | 22.07B | 16.70B |
| Net Income | 12.64B | 8.84B | 10.02B | 6.07B | 12.41B | 8.70B |
Balance Sheet | ||||||
| Total Assets | 151.13B | 143.40B | 116.19B | 101.96B | 96.38B | 80.55B |
| Cash, Cash Equivalents and Short-Term Investments | 4.20B | 9.24B | 7.05B | 4.98B | 12.16B | 8.25B |
| Total Debt | 22.72B | 23.80B | 16.51B | 14.58B | 11.19B | 6.16B |
| Total Liabilities | 70.65B | 66.86B | 51.18B | 45.54B | 38.05B | 29.67B |
| Stockholders Equity | 80.46B | 76.51B | 64.99B | 56.40B | 58.31B | 50.87B |
Cash Flow | ||||||
| Free Cash Flow | 4.50B | 4.93B | 2.67B | -3.35B | 6.37B | 7.16B |
| Operating Cash Flow | 20.39B | 19.44B | 17.66B | 12.18B | 16.40B | 13.14B |
| Investing Cash Flow | -16.59B | -28.14B | -15.00B | -15.54B | -10.07B | -6.00B |
| Financing Cash Flow | -7.30B | 10.75B | -590.00M | -3.83B | -2.42B | -3.96B |
Boliden Technical Analysis
Positive
99.18
Price Trends
109.93
Negative
111.19
Negative
113.26
Negative
Market Momentum
-0.91
Negative
57.39
Neutral
97.39
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BDNNY, the sentiment is Positive. The current price of 99.18 is below the 20-day moving average (MA) of 102.70, below the 50-day MA of 109.93, and below the 200-day MA of 113.26, indicating a neutral trend. The MACD of -0.91 indicates Negative momentum. The RSI at 57.39 is Neutral, neither overbought nor oversold. The STOCH value of 97.39 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BDNNY.
Boliden Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $225.80B | 22.17 | 21.41% | 3.18% | 1.04% | -9.88% | |
68 Neutral | $6.04B | 64.44 | 9.41% | 0.23% | 21.56% | 454.16% | |
64 Neutral | $15.59B | 11.80 | 16.31% | 2.36% | 25.95% | 72.40% | |
63 Neutral | $174.32B | 13.66 | 18.86% | 4.41% | 14.26% | 17.02% | |
62 Neutral | $61.19B | 29.74 | 7.68% | 5.23% | 12.55% | -60.45% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
54 Neutral | $9.10B | -159.92 | -1.42% | ― | 71.92% | 44.39% |
* Basic Materials Sector Average
BDNNY
Boliden
110.98
46.66
72.54%
BHP
BHP Group
90.61
39.44
77.06%
MTRN
Materion
279.67
174.10
164.90%
RIO
Rio Tinto
101.91
42.87
72.62%
VALE
Vale SA
14.89
5.43
57.43%
MP
MP Materials
54.66
-18.03
-24.80%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.