Boliden AB (publ)

BATS-CHIXE:BOLS Stock Report

Market Cap: SEK 86.9b

Boliden Valuation

Is BOLS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of BOLS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BOLS (SEK309.95) is trading below our estimate of fair value (SEK1431.78)

Significantly Below Fair Value: BOLS is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BOLS?

Key metric: As BOLS is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for BOLS. This is calculated by dividing BOLS's market cap by their current earnings.
What is BOLS's PE Ratio?
PE Ratio10x
EarningsSEK 8.68b
Market CapSEK 86.85b

Price to Earnings Ratio vs Peers

How does BOLS's PE Ratio compare to its peers?

The above table shows the PE ratio for BOLS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average9.2x
RIO Rio Tinto Group
9.4x0.7%UK£84.0b
KMR Kenmare Resources
4.7x4.3%UK£316.3m
GFM Griffin Mining
15.6x-3.8%UK£264.0m
CAPD Capital
7.2x11.0%UK£164.9m
BOLS Boliden
10x6.3%SEK 86.9b

Price-To-Earnings vs Peers: BOLS is expensive based on its Price-To-Earnings Ratio (10x) compared to the peer average (9.1x).

Price to Earnings Ratio vs Industry

How does BOLS's PE Ratio compare vs other companies in the GB Metals and Mining Industry?

9 CompaniesPrice / EarningsEstimated GrowthMarket Cap
ENPL En+ Group International
2.2x8.0%US$4.67b
NLMK Novolipetsk Steel
0.8xn/aUS$4.08b
EVR EVRAZ
0.4xn/aUS$1.42b
MTL Metals Exploration
0.9x-60.3%US$124.08m
No. of Companies9PE01020304050+
9 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BOLS is good value based on its Price-To-Earnings Ratio (10x) compared to the UK Metals and Mining industry average (10.2x).

Price to Earnings Ratio vs Fair Ratio

What is BOLS's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BOLS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio10x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate BOLS's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BOLS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentn/a
SEK 328.00
0%
17.3%SEK 480.00SEK 265.00n/a16
Nov ’25SEK 331.10
SEK 326.63
-1.4%
17.4%SEK 480.00SEK 265.00n/a16
Oct ’25SEK 344.90
SEK 333.80
-3.2%
15.6%SEK 450.00SEK 270.00n/a15
Sep ’25SEK 315.90
SEK 340.00
+7.6%
14.0%SEK 450.00SEK 273.00n/a16
Aug ’25n/a
SEK 342.81
0%
14.3%SEK 450.00SEK 273.00n/a16
Jul ’25SEK 343.60
SEK 348.56
+1.4%
18.3%SEK 500.00SEK 254.00n/a16
Jun ’25n/a
SEK 341.81
0%
19.9%SEK 500.00SEK 254.00n/a16
May ’25SEK 354.30
SEK 330.75
-6.6%
18.6%SEK 480.00SEK 254.00n/a16
Apr ’25n/a
SEK 293.81
0%
9.1%SEK 340.00SEK 260.00n/a16
Mar ’25n/a
SEK 294.75
0%
12.7%SEK 380.00SEK 240.00n/a16
Feb ’25SEK 277.00
SEK 298.13
+7.6%
12.7%SEK 380.00SEK 250.00n/a16
Jan ’25n/a
SEK 300.56
0%
15.3%SEK 380.00SEK 240.00n/a16
Dec ’24SEK 284.15
SEK 302.13
+6.3%
15.0%SEK 380.00SEK 240.00n/a16
Nov ’24n/a
SEK 302.56
0%
12.7%SEK 380.00SEK 245.00SEK 331.1016
Oct ’24n/a
SEK 308.94
0%
10.6%SEK 380.00SEK 257.00SEK 344.9016
Sep ’24n/a
SEK 301.06
0%
10.7%SEK 360.00SEK 240.00SEK 315.9017
Aug ’24n/a
SEK 302.53
0%
10.5%SEK 360.00SEK 240.00n/a17
Jul ’24SEK 311.65
SEK 351.75
+12.9%
13.9%SEK 495.00SEK 270.00SEK 343.6017
Jun ’24SEK 337.50
SEK 375.80
+11.3%
12.9%SEK 495.00SEK 310.00n/a17
May ’24SEK 355.20
SEK 398.38
+12.2%
14.3%SEK 520.00SEK 310.00SEK 354.3017
Apr ’24SEK 403.08
SEK 406.32
+0.8%
15.4%SEK 560.00SEK 310.00n/a17
Mar ’24SEK 430.23
SEK 421.59
-2.0%
15.3%SEK 560.00SEK 310.00n/a16
Feb ’24SEK 460.65
SEK 392.32
-14.8%
17.1%SEK 525.00SEK 280.00SEK 277.0017
Jan ’24SEK 400.35
SEK 363.72
-9.1%
12.6%SEK 455.00SEK 280.00n/a18
Dec ’23SEK 385.65
SEK 350.83
-9.0%
13.7%SEK 455.00SEK 275.00SEK 284.1518
Nov ’23SEK 334.10
SEK 343.61
+2.8%
14.4%SEK 450.00SEK 220.00n/a18

Analyst Forecast: Target price is less than 20% higher than the current share price.

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