Boliden AB (publ)

OM:BOL Stock Report

Market Cap: SEK 142.7b

Boliden Future Growth

Future criteria checks 3/6

Boliden is forecast to grow earnings and revenue by 12.3% and 7.5% per annum respectively. EPS is expected to grow by 12.9% per annum. Return on equity is forecast to be 15.9% in 3 years.

Key information

12.3%

Earnings growth rate

12.92%

EPS growth rate

Metals and Mining earnings growth13.7%
Revenue growth rate7.5%
Future return on equity15.86%
Analyst coverage

Good

Last updated08 Jun 2026

Recent future growth updates

Analysis Article • Feb 06

Earnings Beat: Boliden AB (publ) Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

As you might know, Boliden AB (publ) ( STO:BOL ) just kicked off its latest full-year results with some very strong...
Analysis Article • Jul 22

Earnings Miss: Boliden AB (publ) Missed EPS By 22% And Analysts Are Revising Their Forecasts

It's been a good week for Boliden AB (publ) ( STO:BOL ) shareholders, because the company has just released its latest...

Recent updates

Narrative Update • Jun 05

BOL: Mixed Rating Shifts And Mine Developments Will Shape Balanced Risk Reward

The analyst fair value estimate for Boliden has moved from SEK 612.94 to SEK 551.18. This reflects a blend of reduced revenue growth and profit margin assumptions, a higher discount rate, and mixed Street price target revisions that include both upgrades and cuts around the SEK 550 to SEK 650 range.
Narrative Update • May 20

BOL: Future Garpenberg Restart And Investments Will Support Share Re Rating

Analysts have made only a slight adjustment to the fair value estimate for Boliden, trimming the price target by about SEK 1 in response to a mix of recent target hikes and cuts across the Street, as well as small tweaks to assumptions for revenue growth, profit margins and the future P/E multiple. Analyst Commentary Recent Street research around Boliden shows a mix of target raises and cuts, with several bullish analysts highlighting upside potential through higher fair value estimates and rating changes.
Narrative Update • May 01

BOL: Future Garpenberg Investment And Restart Will Support Re Rating

Analysts have trimmed the fair value estimate for Boliden from SEK 676.74 to about SEK 645.13, reflecting updated assumptions around discount rates, revenue growth, margins, and recent shifts in Street price targets that have included both increases and cuts across several banks. Analyst Commentary Recent Street research on Boliden has been mixed, with several banks adjusting price targets in both directions and some issuing rating changes.
Narrative Update • Apr 17

BOL: Future Returns Will Likely Lag As Execution Risks Intensify

The updated analyst fair value estimate for Boliden moves from SEK 337.64 to SEK 445.00, reflecting recent Street research where analysts cite changes in expected revenue growth, profit margins and future P/E assumptions, alongside a slightly higher discount rate. Analyst Commentary Recent Street research around Boliden shows a mix of views, with some firms raising price targets and others turning more cautious.
Narrative Update • Apr 02

BOL: Future Ronnskar Restart And Gold Exposure Will Support Re Rating

The analyst price target for Boliden has been revised lower from SEK 770 to about SEK 677, with analysts pointing to updated assumptions on discount rates, P/E multiples and recent mixed research actions, including several target cuts and downgrades alongside some upward revisions. Analyst Commentary Recent research on Boliden shows a split in views, with several price target cuts and downgrades balanced by a cluster of more constructive updates.
Narrative Update • Mar 19

BOL: Future Ronnskar Restart And Gold Exposure Will Drive Re Rating

Boliden's analyst fair value estimate has been raised from SEK 550 to SEK 770. This reflects higher price targets across several firms as analysts factor in stronger revenue growth assumptions, adjusted profit expectations and slightly lower future P/E multiples, alongside recent target increases from banks such as Morgan Stanley, JPMorgan, Citi, Deutsche Bank, RBC Capital, Danske Bank, Kepler Cheuvreux and Barclays.
Narrative Update • Mar 05

BOL: Mixed Rating Shifts And Project Milestones Will Shape Balanced Risk Reward

We have lifted our Boliden fair value estimate by SEK 16 to SEK 612.94, reflecting a series of price target increases from banks such as Morgan Stanley, JPMorgan, Citi, Deutsche Bank and RBC. We are still building in slightly more cautious assumptions on revenue growth, profit margin and future P/E, as well as a marginally higher discount rate, in line with the mixed analyst stance that includes recent downgrades from Danske Bank and Kepler Cheuvreux.
Narrative Update • Feb 19

BOL: Precious Metals Leverage Will Increase Execution Risk Despite Stronger Earnings Support

Our fair value estimate for Boliden has moved higher by SEK 41 to SEK 596.94. This reflects a series of recent price target increases from banks, alongside analyst views that margins, precious metals exposure and the medium-term earnings profile are better supported than previously modeled.
Analysis Article • Feb 09

Broker Revenue Forecasts For Boliden AB (publ) (STO:BOL) Are Surging Higher

Boliden AB (publ) ( STO:BOL ) shareholders will have a reason to smile today, with the analysts making substantial...
Analysis Article • Feb 06

Earnings Beat: Boliden AB (publ) Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

As you might know, Boliden AB (publ) ( STO:BOL ) just kicked off its latest full-year results with some very strong...
Narrative Update • Feb 05

BOL: Gold And Silver Leverage Will Heighten Execution Risk Ahead

The updated fair value estimate for Boliden increases to SEK 555.94 from SEK 433.47. This reflects analysts' higher price targets and revised assumptions, including expectations for stronger top line growth, slightly higher profit margins, a marginally lower discount rate, and a modestly lower future P/E multiple.
Narrative Update • Jan 21

BOL: Future Returns Will Likely Lag Upgraded Gold And Silver Expectations

Analysts have raised their average price target for Boliden from SEK 330.00 to about SEK 337.64. This move reflects a series of recent target increases and rating upgrades that highlight views on valuation, expected volume trends and exposure to gold and silver.
Analysis Article • Jan 08

A Piece Of The Puzzle Missing From Boliden AB (publ)'s (STO:BOL) Share Price

Boliden AB (publ)'s ( STO:BOL ) price-to-earnings (or "P/E") ratio of 19.3x might make it look like a buy right now...
Narrative Update • Jan 07

BOL: Fair Outlook Will Hinge On Underappreciated Gold And Silver Exposure

The analyst fair value estimate for Boliden has been raised from SEK 350 to SEK 550, reflecting analysts' higher price targets and their view that volume growth and gold and silver exposure are not fully appreciated in current expectations. Analyst Commentary Bullish analysts have been marking up their expectations for Boliden, with several research desks lifting price targets in recent updates.
Narrative Update • Dec 23

BOL: Future Earnings Will Likely Disappoint Versus Upgraded Metals Cycle Expectations

The updated analyst price target for Boliden has been raised materially, with fair value increasing from about SEK 250 to SEK 330 per share. Analysts highlight improving revenue growth, higher expected profit margins, and underappreciated volume and precious metals exposure.
Narrative Update • Dec 08

BOL: Gold And Silver Exposure Will Shape Future Earnings And Risks

The analyst price target for Boliden has been raised by approximately SEK 21 to reflect analysts' growing confidence in the company's volume growth potential and earnings leverage from gold and silver exposure. Analyst Commentary Recent research updates highlight a generally constructive stance on Boliden, with several price target increases reflecting improving sentiment on the company’s growth prospects and earnings profile.
Narrative Update • Nov 24

BOL: Recent Mining Approvals And Share Repurchase Will Influence Future Performance

Narrative Update on Boliden Boliden's analyst price target has increased from SEK 404.73 to SEK 412.07. This change reflects growing optimism among analysts, who cite improved revenue growth and profit margin forecasts.
Analysis Article • Nov 24

We Think Boliden (STO:BOL) Is Taking Some Risk With Its Debt

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Narrative Update • Nov 08

BOL: Recent Mining Approvals And Share Repurchases Will Shape Performance Outlook

Boliden's analyst price target has increased from SEK 386.73 to SEK 404.73, as analysts cite improved revenue growth forecasts and a steady profit margin outlook to support the more optimistic valuation. Analyst Commentary Recent updates from several major research firms reflect a mixture of optimism and caution regarding Boliden's valuation and performance outlook.
Analysis Article • Oct 29

Boliden's (STO:BOL) Problems Go Beyond Weak Profit

The subdued market reaction suggests that Boliden AB (publ)'s ( STO:BOL ) recent earnings didn't contain any surprises...
Narrative Update • Oct 25

Upward Momentum Will Continue To Secure Metal Supply And Market Confidence

Boliden's analyst price target has been raised from SEK 365.73 to SEK 386.73. This change reflects analysts' increased confidence due to recent upward adjustments in revenue growth projections and generally positive Street research updates.
Narrative Update • Oct 11

Somincor, Zinkgruvan And Odda Projects Will Secure Metal Supply

Boliden's analyst price target has risen from approximately SEK 322 to SEK 366. This change reflects improved analyst expectations for profitability and revenue growth.
Narrative Update • Sep 27

Somincor, Zinkgruvan And Odda Projects Will Secure Metal Supply

Boliden’s consensus price target has been raised as analysts cite improved long-term commodity price outlooks and operational recovery, despite ongoing cost and price risks, resulting in a new fair value estimate of SEK321.53. Analyst Commentary Bullish analysts cite improved long-term commodity price outlook, particularly for copper and zinc.
Analysis Article • Sep 02

Earnings Working Against Boliden AB (publ)'s (STO:BOL) Share Price

With a price-to-earnings (or "P/E") ratio of 11.5x Boliden AB (publ) ( STO:BOL ) may be sending very bullish signals at...
Analysis Article • Jul 22

Earnings Miss: Boliden AB (publ) Missed EPS By 22% And Analysts Are Revising Their Forecasts

It's been a good week for Boliden AB (publ) ( STO:BOL ) shareholders, because the company has just released its latest...
Analysis Article • Jul 17

Boliden (STO:BOL) Seems To Use Debt Quite Sensibly

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...
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New Narrative • Nov 27

Decisive Mine Expansions And IT Innovations Promise Thriving Revenue Growth

Strategic project expansions and environmental permits are set to increase production capacity and revenue through higher output and enhanced efficiency.

Earnings and Revenue Growth Forecasts

OM:BOL - Analysts future estimates and past financials data (SEK Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/2028126,29515,23011,64526,11914
12/31/2027125,22713,8898,40222,58416
12/31/2026116,78311,3883,87119,26615
3/31/2026100,21011,0328,31924,544N/A
12/31/202593,5099,4045,19120,686N/A
9/30/202591,1638,0516,74522,204N/A
6/30/202591,3848,0383,93718,819N/A
3/31/202591,84711,0742,31316,750N/A
12/31/202489,20710,0222,67117,659N/A
9/30/202484,1768,6846715,269N/A
6/30/202481,3797,760-63714,926N/A
3/31/202477,0734,671-4,81111,247N/A
12/31/202378,5546,073-3,34812,183N/A
9/30/202381,3776,995-1,44413,007N/A
6/30/202381,4618,346-15813,227N/A
3/31/202384,58710,9825,64917,058N/A
12/31/202286,43712,4106,37016,398N/A
9/30/202280,61612,3684,82313,098N/A
6/30/202277,04111,4595,69812,987N/A
3/31/202273,36510,4935,67312,113N/A
12/31/202168,6368,7017,15513,144N/A
9/30/202167,0508,5187,88413,598N/A
6/30/202164,6968,7538,79714,248N/A
3/31/202160,1947,9097,96013,521N/A
12/31/202056,3216,7994,95611,255N/A
9/30/202053,1235,8063,03710,896N/A
6/30/202050,7425,1784968,913N/A
3/31/202050,0994,962919,137N/A
12/31/201949,9365,786N/A9,442N/A
9/30/201949,5066,292N/A9,030N/A
6/30/201950,8466,171N/A10,141N/A
3/31/201952,1707,078N/A10,510N/A
12/31/201852,4547,198N/A11,768N/A
9/30/201853,5317,580N/A12,347N/A
6/30/201852,6497,773N/A13,022N/A
3/31/201850,1327,196N/A13,285N/A
12/31/201749,5316,854N/A12,737N/A
9/30/201748,0496,433N/A11,301N/A
6/30/201746,1546,091N/A9,419N/A
3/31/201744,1975,250N/A7,977N/A
12/31/201640,3164,237N/A6,995N/A
9/30/201637,8782,699N/A5,421N/A
6/30/201637,9092,210N/A6,181N/A
3/31/201638,6842,400N/A6,520N/A
12/31/201540,2422,640N/A6,235N/A
9/30/201540,1583,187N/A7,070N/A
6/30/201539,6813,154N/A6,685N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: BOL's forecast earnings growth (12.3% per year) is above the savings rate (2%).

Earnings vs Market: BOL's earnings (12.3% per year) are forecast to grow faster than the Swedish market (8.6% per year).

High Growth Earnings: BOL's earnings are forecast to grow, but not significantly.

Revenue vs Market: BOL's revenue (7.5% per year) is forecast to grow faster than the Swedish market (-0.05% per year).

High Growth Revenue: BOL's revenue (7.5% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: BOL's Return on Equity is forecast to be low in 3 years time (15.9%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/10 08:19
End of Day Share Price 2026/06/10 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Boliden AB (publ) is covered by 26 analysts. 16 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Amos FletcherBarclays
Richard HatchBerenberg