Financials Boliden

Equities

BOL

SE0020050417

Specialty Mining & Metals

End-of-day quote Nasdaq Stockholm Other stock markets 2024-09-06			5-day change	1st Jan Change
289.40 ^SEK	-0.82%		-7.83%	-7.98%

Aug. 28	Eurobattery Minerals to Buy Copper from Boliden's Hautalampi Project in Finland	MT
Aug. 20	Vattenfall and Swedish industry majors join forces on new energy investment	RE

Projected Income Statement: Boliden

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	49,936	56,321	68,635	86,437	78,554	84,878	92,031	94,475
Change	-	12.79%	21.86%	25.94%	-9.12%	8.05%	8.43%	2.66%
EBITDA ¹	12,689	14,628	16,703	22,057	14,533	18,209	20,049	21,672
Change	-	15.28%	14.19%	32.05%	-34.11%	25.3%	10.1%	8.1%
EBIT ¹	7,597	8,935	11,083	15,895	8,287	11,718	12,754	14,699
Change	-	17.61%	24.04%	43.42%	-47.86%	41.4%	8.85%	15.24%
Interest Paid ¹	-260	-267	-243	-293	-687	-849.7	-804.6	-639.7
Earnings before Tax (EBT) ¹	7,337	8,668	10,839	15,601	7,600	10,895	11,366	13,431
Change	-	18.14%	25.05%	43.93%	-51.29%	43.36%	4.32%	18.17%
Net income ¹	5,786	6,801	8,701	12,410	6,074	8,581	8,941	10,480
Change	-	17.54%	27.94%	42.63%	-51.06%	41.27%	4.2%	17.21%
Announcement Date	2/13/20	2/12/21	2/11/22	2/14/23	2/8/24	-	-	-

¹SEK in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2
Net sales ¹	11,170	12,972	13,210	13,391	13,550	16,170	17,083	17,891	15,906	17,755	21,812	21,568	19,480	23,577	19,962	18,442	19,396	20,754	18,481	22,748	23,365	24,096	22,682	22,838	22,946	24,280	25,724	25,732
Change	-	16.13%	1.83%	1.37%	1.19%	19.34%	5.65%	4.73%	-11.09%	11.62%	22.85%	-1.12%	-9.68%	21.03%	-15.33%	-7.61%	5.17%	7%	-10.95%	23.09%	2.71%	3.13%	-5.87%	0.69%	0.47%	5.81%	5.95%	0.03%
EBITDA ¹	3,149	3,037	2,762	2,895	4,033	4,675	4,109	4,197	3,685	4,735	6,419	5,625	5,012	5,011	4,889	2,519	3,397	3,729	3,238	6,780	3,939	4,140	5,051	5,064	5,091	5,395	6,251	6,277
Change	-	-3.56%	-9.05%	4.82%	39.31%	15.92%	-12.11%	2.14%	-12.2%	28.49%	35.56%	-12.37%	-10.9%	-0.02%	-2.43%	-48.48%	34.86%	9.77%	-13.17%	109.39%	-41.91%	5.12%	21.99%	0.27%	0.54%	5.95%	15.88%	0.4%
EBIT ¹	1,873	1,744	1,435	1,801	2,622	3,077	2,779	2,785	2,305	3,214	5,038	4,078	3,550	3,229	3,405	874	1,912	2,096	1,615	4,814	2,873	2,824	3,266	3,274	3,233	3,577	4,421	4,435
Change	-	-6.89%	-17.72%	25.51%	45.59%	17.35%	-9.68%	0.22%	-17.24%	39.44%	56.75%	-19.06%	-12.95%	-9.04%	5.45%	-74.33%	118.76%	9.62%	-22.95%	198.08%	-40.33%	-1.7%	15.66%	0.24%	-1.25%	10.63%	23.6%	0.31%
Charge d'intérêts ¹	-72	-77	-66	-76	-63	-63	-60	-59	-61	-64	-47	-94	-147	-7	-204	-235	-245	-4	-	-	-225	-225	-175	-175	-175	-	-	-
Earnings before Tax (EBT) ¹	1,801	1,667	1,369	1,726	2,559	3,013	2,719	2,727	2,244	3,149	4,991	3,984	3,404	3,222	3,201	640	1,668	2,092	1,411	4,519	2,248	2,260	3,053	3,061	3,016	3,319	4,164	4,178
Change	-	-7.44%	-17.88%	26.08%	48.26%	17.74%	-9.76%	0.29%	-17.71%	40.33%	58.49%	-20.18%	-14.56%	-5.35%	-0.65%	-80.01%	160.62%	25.42%	-32.55%	220.27%	-50.26%	0.56%	35.05%	0.26%	-1.44%	10.03%	25.45%	0.35%
Net income ¹	1,405	1,360	1,067	1,346	2,034	2,353	2,177	2,189	1,798	2,536	3,969	3,156	2,707	2,578	2,541	520	1,356	1,656	1,139	3,609	1,731	1,731	2,377	2,381	2,346	2,547	3,202	3,214
Change	-	-3.2%	-21.54%	26.15%	51.11%	15.68%	-7.48%	0.55%	-17.86%	41.05%	56.51%	-20.48%	-14.23%	-4.77%	-1.44%	-79.54%	160.77%	22.12%	-31.22%	216.86%	-52.03%	0.01%	37.28%	0.17%	-1.49%	8.57%	25.73%	0.38%
Announcement Date	10/24/19	2/13/20	4/28/20	7/22/20	10/28/20	2/12/21	4/27/21	7/21/21	10/22/21	2/11/22	4/28/22	7/21/22	10/20/22	2/14/23	4/25/23	7/20/23	10/20/23	2/8/24	4/23/24	7/19/24	-	-	-	-	-	-	-	-

¹SEK in Million

Estimates

Fiscal Period: December	2020 S1
Net sales	-
Change	-
EBITDA ¹	5,657
Change	-
EBIT	-
Change	-
Charge d'intérêts	-
Earnings before Tax (EBT)	-
Change	-
Net income	-
Change	-
Announcement Date	7/22/20

¹SEK in Million

Estimates

Forecast Balance Sheet: Boliden

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	5,493	2,236	-918	-15	10,728	14,476	13,583	9,503
Change	-	-59.29%	-141.06%	-101.63%	71,420%	34.94%	-6.17%	-30.04%
Announcement Date	2/13/20	2/12/21	2/11/22	2/14/23	2/8/24	-	-	-

¹SEK in Million

Estimates

Cash Flow Forecast: Boliden

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	8,790	6,256	5,957	9,970	15,420	15,277	12,029	10,710
Change	-	-28.83%	-4.78%	67.37%	54.66%	-0.93%	-21.26%	-10.96%
Free Cash Flow (FCF) ¹	635	4,957	7,148	6,329	-3,354	-2,991	4,232	6,038
Change	-	680.63%	44.2%	-11.46%	-152.99%	-10.83%	-241.48%	42.7%
Announcement Date	2/13/20	2/12/21	2/11/22	2/14/23	2/8/24	-	-	-

¹SEK in Million

Estimates

Forecast Financial Ratios: Boliden

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	25.41%	25.97%	24.34%	25.52%	18.5%	21.45%	21.79%	22.94%
EBIT Margin (%)	15.21%	15.86%	16.15%	18.39%	10.55%	13.81%	13.86%	15.56%
EBT Margin (%)	14.69%	15.39%	15.79%	18.05%	9.67%	12.84%	12.35%	14.22%
Net margin (%)	11.59%	12.08%	12.68%	14.36%	7.73%	10.11%	9.72%	11.09%
FCF margin (%)	1.27%	8.8%	10.41%	7.32%	-4.27%	-3.52%	4.6%	6.39%
FCF / Net Income (%)	10.97%	72.89%	82.15%	51%	-55.22%	-34.86%	47.33%	57.61%
Profitability
ROA	9.25%	9.79%	11.37%	14.03%	6.1%	7.14%	7.58%	7.48%
ROE	14.3%	15.8%	18%	22.8%	10.59%	13.97%	13.86%	14.34%
Financial Health
Leverage (Debt/EBITDA)	0.43x	0.15x	-	-	0.74x	0.79x	0.68x	0.44x
Debt / Free cash flow	8.65x	0.45x	-	-	-3.2x	-4.84x	3.21x	1.57x
Capital Intensity
CAPEX / Current Assets (%)	17.6%	11.11%	8.68%	11.53%	19.63%	18%	13.07%	11.34%
CAPEX / EBITDA (%)	69.27%	42.77%	35.66%	45.2%	106.1%	83.89%	60%	49.42%
CAPEX / FCF (%)	1,384.25%	126.21%	83.34%	157.53%	-459.75%	-510.78%	284.27%	177.37%
Items per share
Cash flow per share ¹	34.52	41.15	48.06	59.95	44.54	47.46	54.67	59.74
Change	-	19.2%	16.79%	24.75%	-25.7%	6.56%	15.18%	9.29%
Dividend per Share ¹	7	14.25	26	26.5	7.5	9.491	11.05	13.41
Change	-	103.57%	82.46%	1.92%	-71.7%	26.54%	16.46%	21.29%
Book Value Per Share ¹	151.5	166.8	186	213.2	206.2	228.2	252.4	276.5
Change	-	10.13%	11.49%	14.63%	-3.26%	10.65%	10.58%	9.58%
EPS ¹	21.15	24.86	31.81	45.37	22.21	31.2	32.56	37.75
Change	-	17.54%	27.96%	42.63%	-51.05%	40.48%	4.34%	15.94%
Nbr of stocks (in thousands)	273,511	273,511	273,511	273,511	273,471	273,471	273,471	273,471
Announcement Date	2/13/20	2/12/21	2/11/22	2/14/23	2/8/24	-	-	-