Boliden AB (SE:BOL)
:BOL
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Boliden AB
(BOL)
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Rating:71Outperform
Price Target:
kr517.00
▲(10.54% Upside)
Action:UpgradedDate:02/05/26
The score is driven primarily by strong technical momentum and a clear uptrend. Financial performance is solid but held back by cyclical margin pressure and inconsistent cash conversion/free-cash-flow strength. Valuation (P/E ~19) is moderate and does not materially boost the score.
Positive Factors
Strong core profitability
Sustained mid‑20s EBITDA and ~10% net margin in 2025 indicate durable earnings power for a metals producer. These margins support reinvestment in mines and smelters, provide buffer through cycles, and underpin the company’s ability to generate recurring operating income over months.
Negative Factors
Weak cash conversion
Cash conversion below 1 indicates reported earnings are not fully backed by operating cash, and free cash flow has been thin and volatile. Over 2–6 months this limits the company’s ability to fund capex, pay consistent dividends, or self‑finance growth without external funding.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong core profitability
Sustained mid‑20s EBITDA and ~10% net margin in 2025 indicate durable earnings power for a metals producer. These margins support reinvestment in mines and smelters, provide buffer through cycles, and underpin the company’s ability to generate recurring operating income over months.
Read all positive factors
Boliden AB (BOL) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr132.93B
Dividend YieldN/A
Average Volume (3M)1.11M
Price to Earnings (P/E)8.4
Beta (1Y)1.52
Revenue Growth8.30%
EPS Growth-8.62%
CountrySE
Employees7,500
SectorGeneral
Sector StrengthN/A
IndustryIndustrial Materials
Share Statistics
EPS (TTM)15.31
Shares Outstanding284,225,460
10 Day Avg. Volume1,135,205
30 Day Avg. Volume1,111,823
Financial Highlights & Ratios
PEG Ratio-1.73
Price to Book (P/B)1.90
Price to Sales (P/S)1.55
P/FCF Ratio27.67
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr593.22Price Target Upside26.84% Upside
Rating ConsensusHold
Number of Analyst Covering10
EPS Forecast (FY)52.37
Revenue Forecast (FY)kr116.39B
Boliden AB Business Overview & Revenue Model
Company Description
Boliden AB (publ) engages in the exploring, extracting, and processing of base metals and precious metals in Sweden, other Nordic region, Germany, the United Kingdom, the rest of Europe, North America, and internationally. The company operates thr...
How the Company Makes Money
Boliden makes money primarily by producing and selling metals and metal products from its two main operating areas: (1) Mines and (2) Smelters.
1) Metals sales (primary revenue driver)
- Mined concentrates and contained metals: Boliden extracts o...
Boliden AB Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
71
Positive
Cash Flow
56
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 93.51B | 89.21B | 78.55B | 86.44B | 68.64B |
| Gross Profit | 15.79B | 12.90B | 10.74B | 18.15B | 12.93B |
| EBITDA | 22.15B | 20.58B | 14.99B | 22.07B | 16.70B |
| Net Income | 9.40B | 10.02B | 6.07B | 12.41B | 8.70B |
Balance Sheet | |||||
| Total Assets | 143.40B | 116.19B | 101.96B | 96.38B | 80.55B |
| Cash, Cash Equivalents and Short-Term Investments | 9.24B | 7.05B | 4.98B | 12.16B | 8.25B |
| Total Debt | 23.80B | 16.51B | 14.58B | 11.19B | 6.16B |
| Total Liabilities | 66.86B | 51.18B | 45.54B | 38.05B | 29.67B |
| Stockholders Equity | 76.51B | 64.99B | 56.40B | 58.31B | 50.87B |
Cash Flow | |||||
| Free Cash Flow | 5.24B | 2.67B | -3.35B | 6.37B | 7.16B |
| Operating Cash Flow | 20.69B | 17.66B | 12.18B | 16.40B | 13.14B |
| Investing Cash Flow | -29.94B | -15.00B | -15.54B | -10.07B | -6.00B |
| Financing Cash Flow | 11.44B | -590.00M | -3.83B | -2.42B | -3.96B |
Boliden AB Technical Analysis
Negative
467.70
Price Trends
628.27
Negative
551.39
Negative
445.11
Positive
Market Momentum
-34.99
Positive
28.27
Positive
21.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BOL, the sentiment is Negative. The current price of 467.7 is below the 20-day moving average (MA) of 604.60, below the 50-day MA of 628.27, and above the 200-day MA of 445.11, indicating a neutral trend. The MACD of -34.99 indicates Positive momentum. The RSI at 28.27 is Positive, neither overbought nor oversold. The STOCH value of 21.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:BOL.
Boliden AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | kr487.62M | 9.21 | ― | ― | ― | ― | |
71 Outperform | kr132.93B | 8.41 | 13.04% | ― | 8.30% | -8.62% | |
56 Neutral | kr291.57M | -10.83 | -17.29% | ― | ― | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | kr3.49B | -23.37 | -5.53% | ― | ― | -91.81% | |
43 Neutral | kr265.55M | -18.90 | -7.48% | ― | ― | -9.05% |
* General Sector Average
SE:BOL
Boliden AB
467.70
140.40
42.90%
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3.91
-1.05
-21.17%
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Copperstone Resources AB Class B
14.54
-3.79
-20.66%
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6.20
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Botnia Exploration Holding AB
11.95
-0.05
-0.42%
SE:GRANGX
Grangex AB
62.00
52.61
560.28%
Boliden AB Corporate Events
Boliden Slashes Garpenberg Output After Seismic Damage, EBITDA Hit Looms
Mar 25, 2026
Boliden has reported that abnormal seismic activity at its Garpenberg mine has eased, allowing mining to restart at low levels in the second quarter, but first-quarter throughput fell to just under 0.8 Mton versus expectations of slightly over 0.9...
Boliden Sets April 28, 2026 Date and Procedures for Annual General Meeting
Mar 24, 2026
Boliden AB has convened its 2026 Annual General Meeting for April 28 in Askersund, Sweden, giving shareholders the choice of attending in person or exercising their voting rights in advance via postal or electronic voting. The company outlines det...
Boliden Commits SEK 5.5 Billion to Boost Output and Cut Emissions at Swedish Sites
Mar 18, 2026
Boliden has approved two major investments aimed at boosting productivity and sustainability at its Swedish operations in Garpenberg and Rönnskär. The company will spend SEK 4 billion on a new hoist system at the Garpenberg mine, enablin...
Boliden Halts Garpenberg Mine After Seismic Activity, Eyes Gradual Restart
Mar 18, 2026
Boliden has halted production at its Garpenberg mine after seismic activity rose to abnormal levels on March 14, prompting an evacuation of the site. Concentrator operations continued briefly until Sunday before also being stopped for planning rea...
Boliden Releases Integrated 2025 Annual and Sustainability Report
Mar 5, 2026
Boliden AB has published its 2025 Annual and Sustainability Report, which combines financial statements, operational reviews and a statutory sustainability statement. The report covers the company’s mining and smelting operations, raw materi...
Boliden Freezes Kevitsa Expansion and Starts Talks After Finland Mining Tax Hike
Mar 4, 2026
Boliden has initiated change negotiations at its Kevitsa mine in Finland after a fourfold increase in the country’s mining tax, a move that could affect up to 285 employees out of a workforce of just over 500. The company warns that contract...
Boliden to Host Virtual Capital Markets Update for Investors in March
Feb 23, 2026
Boliden AB has invited investors, analysts and financial media to a virtual Capital Markets Update to be held on March 18, 2026, from 09:30 to 11:30 CET. The event, led by President and CEO Mikael Staffas and members of Group Management, will be w...
Boliden Boosts Liquidity With New EUR 1 Billion Revolving Credit Facilities
Feb 13, 2026
Boliden has secured a new syndicated revolving credit facilities agreement totalling EUR 1 billion with a group of 12 banks, split into a five-year EUR 500 million tranche and a three-year EUR 500 million tranche, each with two one-year extension ...
Boliden Updates and Expands Mineral Resource Base Following 2025 Acquisitions
Feb 3, 2026
Boliden has reported updated mineral resources as of 31 December 2025 across its main mining areas, including Aitik, the Boliden area, Garpenberg, Kevitsa, Tara, Somincor, Zinkgruvan, Laver and Rockliden. The disclosure shows substantial copper, z...
Boliden Sets Record Mine Profit on Strong Metal Prices and Stable Output
Feb 3, 2026
Boliden reported a strong fourth quarter of 2025, driven by higher metal prices—particularly for precious metals—and stable production across its mining and smelting operations. Operating profit excluding inventory revaluation rose to ...
Boliden Seeks EU Strategic Status for Nautanen Copper Project to Bolster Green Transition
Jan 16, 2026
Boliden has applied to the European Commission to have its Nautanen copper deposit in central Norrbotten designated as a strategic project under the EU’s Critical Raw Materials Act, aiming to strengthen the bloc’s secure supply of copp...
Boliden Sets Date for Q4 2025 Interim Report and Investor Presentation
Jan 13, 2026
Boliden AB has scheduled the release of its interim report for the fourth quarter of 2025 for 3 February at 07:45 CET, followed by a press and analyst conference at 09:30 CET in Stockholm, which will also be accessible via webcast and telephone. T...
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.