Berenberg ups Boliden to 'buy,' sees Q3 to be FCF positive

Boliden AB

21/07/2025 07:07

** Berenberg upgrades Swedish miner Boliden BOL.ST to "buy" from "hold," citing signs of operational stability and the potential for sustained cash flow generation

** The broker says the "corner turned, or at least turning" after a weak Q2, expecting limited smelter maintenance and buoyant precious metals prices to boost July-September results

** Berenberg forecasts Q3 to be Boliden's first quarter this year with positive free cash flow (FCF)

** It notes the addition of two mines, Somincor in Portugal and Zinkgruvan in Sweden, consolidated into the group in April, set the stage for a period of "sustained FCF generation and deleveraging"

** The brokerage sets a SEK 350 price target, adding the share can recover from depressed levels if management delivers - "the ball is in their court," it says

** Out of 20 analysts that cover Boliden AB, six rate the stock "strong buy" or "buy", ​eight rate "hold" and six rate the stock "strong sell" or "sell" - LSEG data

 (Reporting by Izabela Niemiec)

 ((izabela.niemiec@thomsonreuters.com))