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Boliden AB
(BOL)
Select Model
Select Model
Rating:67Neutral
Price Target:
kr517.00
▲(7.40% Upside)
Action:Downgraded
Date:07/22/26
The score is driven primarily by solid underlying profitability and a conservatively positioned balance sheet, tempered by weaker free-cash-flow consistency. Technical indicators are notably bearish (price below key moving averages and negative MACD), while valuation is relatively supportive with a moderate P/E and a ~2.3% dividend yield.
Positive Factors
Vertical integration (mining to smelting)
Boliden's integrated model—own mining plus smelting/refining—lets it capture both concentrate sales and processing margins, plus by‑product credits. That structural vertical exposure smooths value capture vs pure miners and supports margin durability across cycles.
Negative Factors
Inconsistent free cash flow generation
Volatile and declining FCF reduces the company's ability to unambiguously fund capex, dividends or acquisitions from operations. Structural swings in FCF force greater reliance on timing of working capital, external financing, or delaying investments during downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Vertical integration (mining to smelting)
Boliden's integrated model—own mining plus smelting/refining—lets it capture both concentrate sales and processing margins, plus by‑product credits. That structural vertical exposure smooths value capture vs pure miners and supports margin durability across cycles.
Read all positive factors
Boliden AB (BOL) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr150.01B
Dividend Yield2.1%
Average Volume (3M)1.11M
Price to Earnings (P/E)11.8
Beta (1Y)1.55
Revenue Growth13.43%
EPS Growth52.37%
CountrySE
Employees8,000
SectorGeneral
Sector StrengthN/A
IndustryOther Precious Metals
Share Statistics
EPS (TTM)44.64
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
kr551.10Price Target Upside14.48% Upside
Rating ConsensusHold
Number of Analyst Covering11
EPS Forecast (FY)41.84
Revenue Forecast (FY)kr115.22B
Boliden AB Business Overview & Revenue Model
Company Description
Boliden AB (publ) engages in the extracting, producing, and recycling of base metals in Sweden, Finland, other Nordic region, Germany, the United Kingdom, Europe, North America, and internationally. The company operates through Business Area Mines...
How the Company Makes Money
Boliden primarily makes money by producing and selling metals and metal-bearing products through two main operational areas—Mining and Smelters—supported by by-product and ancillary revenues.
1) Mining (ore to concentrates)
- Revenue generation: ...
Boliden AB Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
81
Very Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 103.66B | 93.51B | 89.21B | 78.55B | 86.44B | 68.64B |
| Gross Profit | 19.72B | 15.79B | 12.90B | 10.74B | 18.15B | 12.93B |
| EBITDA | 27.61B | 22.15B | 20.58B | 14.99B | 22.07B | 16.70B |
| Net Income | 12.68B | 9.40B | 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 | 4.75B | 5.24B | 2.67B | -3.35B | 6.37B | 7.16B |
| Operating Cash Flow | 20.83B | 20.69B | 17.66B | 12.18B | 16.40B | 13.14B |
| Investing Cash Flow | -16.29B | -29.94B | -15.00B | -15.54B | -10.07B | -6.00B |
| Financing Cash Flow | -7.94B | 11.44B | -590.00M | -3.83B | -2.42B | -3.96B |
Boliden AB Technical Analysis
Positive
481.40
Price Trends
519.77
Positive
522.65
Positive
528.42
Negative
Market Momentum
4.14
Negative
55.66
Neutral
77.73
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BOL, the sentiment is Positive. The current price of 481.4 is below the 20-day moving average (MA) of 497.68, below the 50-day MA of 519.77, and below the 200-day MA of 528.42, indicating a neutral trend. The MACD of 4.14 indicates Negative momentum. The RSI at 55.66 is Neutral, neither overbought nor oversold. The STOCH value of 77.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | kr736.20M | 33.07 | 29.67% | 6.86% | -18.84% | -38.10% | |
72 Outperform | kr232.62B | 28.10 | 18.42% | 1.57% | 3.87% | 2.11% | |
68 Neutral | kr285.61B | 33.97 | ― | 1.53% | -1.94% | -1.63% | |
67 Neutral | kr150.01B | 11.76 | 16.31% | 2.29% | 13.43% | 52.37% | |
66 Neutral | kr107.13B | 19.16 | 8.10% | 3.80% | -1.26% | 24.28% | |
57 Neutral | kr19.72B | 16.30 | 11.94% | 2.29% | 22.70% | 21.29% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
SE:BOL
Boliden AB
525.00
209.13
66.21%
SE:ALFA
Alfa Laval AB
557.20
141.44
34.02%
SE:GRNG
Granges AB
184.40
50.34
37.55%
SE:SSAB.B
SSAB Corporation
107.85
53.52
98.53%
SE:EPI.A
Epiroc AB
248.30
56.83
29.68%
SE:SINT
SinterCast AB
103.50
-5.77
-5.28%
Boliden AB Corporate Events
Boliden Delivers Strong Q2 on Metal Prices Despite Operational Headwinds
Jul 21, 2026
Boliden reported a strong second quarter in 2026, supported by continued favorable metal prices and improved operating performance across parts of its portfolio. Revenues rose to SEK 25,733 million from SEK 22,285 million a year earlier, while ope...
Boliden Confirms Talks on Potential Acquisition of Nexa Resources Stake
Jul 2, 2026
Boliden has acknowledged market speculation by confirming it is in discussions with Nexa Resources and its majority owner Votorantim regarding a potential acquisition of Votorantim’s stake in Nexa. The company emphasized that there is no cer...
Boliden Sets Date for Q2 2026 Interim Report Presentation
Jul 2, 2026
Boliden has announced that it will publish its interim report for the second quarter of 2026 on July 21 at 07:30 CEST. The figures will be presented the same day at a press and analyst conference led by President and CEO Mikael Staffas and CFO H&#...
Boliden’s Government Payments Drop in 2025 as Tax Outlays Fall and Portugal Enters Scope
Jun 10, 2026
Boliden AB has published its 2025 report on payments to government agencies under Swedish transparency law, covering only subsidiaries engaged in extractive operations and excluding newly acquired Portuguese and Swedish mines before their April 16...
Boliden and Volvo Hit Major Milestone in Autonomous Haulage at Garpenberg Mine
Jun 4, 2026
Boliden and Volvo Autonomous Solutions have completed an autonomous transport project at Boliden’s Garpenberg mine in Sweden, moving nearly 700,000 tonnes of rock from an on-site quarry to reinforce and raise a local dam. Using Volvo’s...
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.