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Boliden AB
(BOL)
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Rating:66Neutral
Price Target:
kr549.00
▼(-4.49% Downside)
Action:Reiterated
Date:10/23/26
The score is driven primarily by solid financial performance (healthy profitability and conservative leverage), partially offset by uneven free-cash-flow generation. Technical indicators are the biggest near-term negative, with the stock trading below key moving averages and weak momentum. Valuation is supportive with a moderate P/E and a mid-single-digit dividend yield.
Positive Factors
Integrated metals value chain
Boliden’s integrated mining and smelting structure allows it to capture value across extraction, processing, refining, and by-product recovery. Internal concentrate flows can improve coordination between upstream and downstream operations and support resilience across changing metal-market conditions.
Negative Factors
Free-cash-flow volatility
Although operating cash flow remains strong, free cash flow has been uneven and recently declined sharply relative to earnings. This suggests substantial reinvestment, working-capital demands, or capital intensity, which can limit distributable cash and make funding flexibility less predictable.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated metals value chain
Boliden’s integrated mining and smelting structure allows it to capture value across extraction, processing, refining, and by-product recovery. Internal concentrate flows can improve coordination between upstream and downstream operations and support resilience across changing metal-market conditions.
Read all positive factors
Boliden AB (BOL) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr144.27B
Dividend Yield2.17%
Average Volume (3M)1.12M
Price to Earnings (P/E)11.4
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. Volume1,397,798
30 Day Avg. Volume1,117,325
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
kr550.60Price Target Upside-4.21% Downside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)44.55
Revenue Forecast (FY)kr115.57B
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 products derived from its integrated value chain.
1) Metal sales from mining operations
- Boliden generates revenue by mining ore and producing metal-containing concentrates....
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 | 14.46B | 21.69B | 16.60B |
| 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
Negative
574.80
Price Trends
534.47
Negative
526.76
Negative
549.38
Negative
Market Momentum
-9.08
Positive
45.87
Neutral
27.53
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 574.8 is above the 20-day moving average (MA) of 518.47, above the 50-day MA of 534.47, and above the 200-day MA of 549.38, indicating a bearish trend. The MACD of -9.08 indicates Positive momentum. The RSI at 45.87 is Neutral, neither overbought nor oversold. The STOCH value of 27.53 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | kr732.67M | 38.52 | 25.77% | 2.83% | -19.19% | -43.88% | |
70 Outperform | kr290.63B | 34.47 | ― | 1.51% | -1.94% | -1.63% | |
67 Neutral | kr228.82B | 27.92 | 18.42% | 1.63% | 3.87% | 2.11% | |
66 Neutral | kr144.27B | 11.37 | 16.31% | 2.17% | 13.43% | 52.37% | |
62 Neutral | kr98.56B | 17.62 | 8.10% | 2.02% | -1.26% | 24.28% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | kr18.47B | 13.69 | 12.89% | 1.97% | 26.72% | 42.01% |
* General Sector Average
SE:BOL
Boliden AB
507.60
85.73
20.32%
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553.60
100.76
22.25%
SE:GRNG
Granges AB
173.30
34.93
25.24%
SE:SSAB.B
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67.75%
SE:EPI.A
Epiroc AB
252.00
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14.45%
SE:SINT
SinterCast AB
104.00
-0.96
-0.91%
Boliden AB Corporate Events
Boliden Calls Extraordinary General Meeting with Expanded Postal Voting
Oct 13, 2026
Boliden AB has called an Extraordinary General Meeting for 23 November 2026 in Stockholm, giving shareholders the option to attend in person or vote in advance by post. The company is using Euroclear Nordics AB’s share register and meeting s...
Boliden Sets October 29 Date for Q3 2026 Interim Report and Investor Call
Oct 9, 2026
Boliden AB has scheduled the release of its interim report for the third quarter of 2026 for October 29, with publication expected around 13:00 CET. The announcement underscores the company’s commitment to transparency with investors and ana...
Boliden Names Nomination Committee Ahead of 2027 AGM
Oct 9, 2026
Boliden has appointed its Nomination Committee for the 2027 Annual General Meeting, following rules that assign seats to representatives of the three largest shareholders by voting rights as of August 31, 2026. The committee is chaired by Swedbank...
Boliden Moves to Majority Control of Nexa Resources in Share Deal
Aug 27, 2026
Boliden AB has agreed to acquire Votorantim’s entire stake in Nexa Resources, giving Boliden 64.68% of Nexa’s shares and votes in exchange for newly issued Boliden shares. The deal will make Votorantim a roughly 7% shareholder in Bolid...
Boliden’s Laver Mining Permit Upheld, Paving Way for Major Copper Expansion
Aug 12, 2026
Boliden’s mining concession for the Laver project in northern Sweden has been upheld after the government rejected two appeals against the permit originally granted in 2025, securing rights to extract copper, gold, silver and molybdenum. The...
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.