We believe Boliden is set-up for an extraordinary period with around 40% organic earnings growth over the next two years, consistng of 1) restart of Garpenberg, 2) significantly improving copper/gold grades, and 3) valuable ramp-ups in the Odda and Rönnskär Smelters. We consider a limited part of this growth to be discounted, which to us creates an attractive equity investment case. We initiate coverage on Boliden with a Buy rating and SEK 660 target price.
