OM:BOL

Stock Analysis Report

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Executive Summary

Boliden AB (publ) engages in exploring, extracting, and processing base metals and precious metals.


Snowflake Analysis

Flawless balance sheet, good value and pays a dividend.


Similar Companies

Share Price & News

How has Boliden's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: BOL's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-1.4%

BOL

0.5%

SE Metals and Mining

4.1%

SE Market


1 Year Return

-5.6%

BOL

-10.8%

SE Metals and Mining

8.9%

SE Market

Return vs Industry: BOL exceeded the Swedish Metals and Mining industry which returned -10.8% over the past year.

Return vs Market: BOL underperformed the Swedish Market which returned 8.9% over the past year.


Shareholder returns

BOLIndustryMarket
7 Day-1.4%0.5%4.1%
30 Day1.9%0.8%5.8%
90 Day1.2%-6.3%-2.2%
1 Year-2.2%-5.6%-8.8%-10.8%10.4%8.9%
3 Year-5.9%-14.4%-15.4%-22.5%11.5%-3.4%
5 Year34.2%16.8%-7.5%-18.9%30.8%5.3%

Price Volatility Vs. Market

How volatile is Boliden's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Boliden undervalued compared to its fair value and its price relative to the market?

42.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BOL (SEK204.2) is trading below our estimate of fair value (SEK357.08)

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


Price To Earnings Ratio

PE vs Industry: BOL is poor value based on its PE Ratio (11.3x) compared to the Metals and Mining industry average (9.7x).

PE vs Market: BOL is good value based on its PE Ratio (11.3x) compared to the Swedish market (18.7x).


Price to Earnings Growth Ratio

PEG Ratio: BOL is poor value based on its PEG Ratio (1.4x)


Price to Book Ratio

PB vs Industry: BOL is good value based on its PB Ratio (1.3x) compared to the SE Metals and Mining industry average (1.3x).


Next Steps

Future Growth

How is Boliden forecast to perform in the next 1 to 3 years based on estimates from 13 analysts?

8.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BOL's forecast earnings growth (8% per year) is above the savings rate (0.5%).

Earnings vs Market: BOL's earnings (8% per year) are forecast to grow slower than the Swedish market (16.8% per year).

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

Revenue vs Market: BOL's revenue (3% per year) is forecast to grow slower than the Swedish market (5.9% per year).

High Growth Revenue: BOL's revenue (3% 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 (11.4%).


Next Steps

Past Performance

How has Boliden performed over the past 5 years?

18.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BOL has high quality earnings.

Growing Profit Margin: BOL's current net profit margins (9.9%) are lower than last year (13.6%).


Past Earnings Growth Analysis

Earnings Trend: BOL's earnings have grown by 18.6% per year over the past 5 years.

Accelerating Growth: BOL's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: BOL had negative earnings growth (-29.8%) over the past year, making it difficult to compare to the Metals and Mining industry average (-25%).


Return on Equity

High ROE: BOL's Return on Equity (11.5%) is considered low.


Next Steps

Financial Health

How is Boliden's financial position?


Financial Position Analysis

Short Term Liabilities: BOL's short term assets (SEK19.0B) exceed its short term liabilities (SEK12.2B).

Long Term Liabilities: BOL's short term assets (SEK19.0B) exceed its long term liabilities (SEK12.9B).


Debt to Equity History and Analysis

Debt Level: BOL's debt to equity ratio (13.8%) is considered satisfactory.

Reducing Debt: BOL's debt to equity ratio has reduced from 29.8% to 13.8% over the past 5 years.

Debt Coverage: BOL's debt is well covered by operating cash flow (153.2%).

Interest Coverage: BOL's interest payments on its debt are well covered by EBIT (45.9x coverage).


Balance Sheet


Next Steps

Dividend

What is Boliden's current dividend yield, its reliability and sustainability?

3.43%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: BOL's dividend (3.43%) is higher than the bottom 25% of dividend payers in the Swedish market (1.74%).

High Dividend: BOL's dividend (3.43%) is low compared to the top 25% of dividend payers in the Swedish market (5.59%).


Stability and Growth of Payments

Stable Dividend: BOL's dividend payments have been volatile in the past 10 years.

Growing Dividend: BOL's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (38.6%), BOL's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BOL's dividends in 3 years are forecast to be covered by earnings (55.1% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.6yrs

Average management tenure


CEO

Ms Staffas (54yo)

1.83yrs

Tenure

kr13,647,000

Compensation

Mr. Mikael Staffas, M.Sc. Engineering, MBA, serves as President and CEO of Boliden AB (publ)since June 01, 2018. He was the President of Boliden Mines at Boliden AB from November 2015 until June 01, 2018 a ...


CEO Compensation Analysis

Compensation vs Market: Ms's total compensation ($USD1.45M) is below average for companies of similar size in the Swedish market ($USD2.46M).

Compensation vs Earnings: Ms's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Mikael Staffas
President & CEO1.83yrskr13.65m0.0075% SEK4.2m
Håkan Gabrielsson
Chief Financial Officer4yrsno data0.0011% SEK625.5k
Göran Kördel
Chief Information Officer6yrsno datano data
Olof Grenmark
Director Investor Relations2.17yrsno datano data
Klas Nilsson
Director of Group Communications3.58yrsno datano data
Lars-Göran Björkqvist
Head of New Business Area Zinc Smelting Operations14.75yrsno datano data
Bjorn Stenecker
Chief Procurement Officer7.75yrsno datano data
Stefan Romedahl
President of Boliden Mines2.33yrsno data0.00058% SEK323.9k
Daniel Peltonen
President of Boliden Smelters1.33yrsno datano data

3.6yrs

Average Tenure

52yo

Average Age

Experienced Management: BOL's management team is considered experienced (3.6 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Pia Rudengren
Independent Director3yrskr805.00k0.00037% SEK206.6k
Tom Erixon
Independent Director7.33yrskr705.00k0.0025% SEK1.4m
Anders Ullberg
Independent Chairman of the Board15.33yrskr1.93m0.016% SEK9.2m
Michael Löw
Independent Director10yrskr630.00k0.000040% SEK22.3k
Marie Holmberg
Employee Representative Director12.33yrsno data0.000020% SEK11.2k
Helene Biström
Independent Directorno datano datano data
Perttu Louhiluoto
Independent Director1yrkr580.00kno data
Elisabeth Nilsson
Independent Director5.33yrskr580.00k0.00037% SEK206.6k
Kenneth Ståhl
Employee Representative Director6.33yrsno datano data
Cathrin Öderyd
Employee Representative Director2.33yrsno datano data

6.3yrs

Average Tenure

56.5yo

Average Age

Experienced Board: BOL's board of directors are considered experienced (6.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: BOL insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Boliden AB (publ)'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Boliden AB (publ)
  • Ticker: BOL
  • Exchange: OM
  • Founded: 1924
  • Industry: Diversified Metals and Mining
  • Sector: Materials
  • Market Cap: kr55.851b
  • Shares outstanding: 273.51m
  • Website: https://www.boliden.com

Number of Employees


Location

  • Boliden AB (publ)
  • Klarabergsviadukten 90
  • PO Box 44
  • Stockholm
  • Stockholm County
  • 101 20
  • Sweden

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BOLOM (OMX Nordic Exchange Stockholm)YesOrdinary SharesSESEKFeb 1998
BWJQDB (Deutsche Boerse AG)YesOrdinary SharesDEEURFeb 1998
0YALLSE (London Stock Exchange)YesOrdinary SharesGBSEKFeb 1998
BOLI.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDFeb 1998
BDNN.YOTCPK (Pink Sheets LLC)ADRUSUSDOct 2008
0YALLSE (London Stock Exchange)NPVGBSEKMay 2018
BOLSBATS-CHIXE (BATS 'Chi-X Europe')NPVGBSEKMay 2018

Biography

Boliden AB (publ) engages in exploring, extracting, and processing base metals and precious metals. It operates in two segments, Business Area Mines and Business Area Smelters. The company explores for mineral deposits, such as zinc, copper, lead, nickel, gold, palladium, platinum, and silver. It operates the Aitik, the Boliden Area, and Garpenberg mines in Sweden; the Tara mine in Ireland; and the Kylylahti and Kevitsa mines in Finland. The company’s smelters produce mainly zinc ingots, copper cathodes, lead ingots, gold and silver granules, and other products, such as sulphuric acid, zinc clinker, sulphur dioxide, and palladium concentrate. The company sells its metals primarily to industrial customers, as well as to construction, electronics and automotive industries; and lead to battery manufacturers. It operates in Sweden, other Nordic region, Germany, the United Kingdom, other European countries, North America, and internationally. Boliden AB (publ) was founded in 1924 and is headquartered in Stockholm, Sweden. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/05/31 22:37
End of Day Share Price2020/05/29 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


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 here.