Boliden AB BOL
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Full analysis: 26 Jul 2026
Latest news check: 10 Aug 2026
General analysis — not personal advice.
HOLD
7/10
Confidence
Existing position can be maintained at current valuation pending clearer signs of cash flow improvement.
Strong Q2 results and favourable metal prices support the HOLD signal despite negative free cash flow and operational challenges.
Market sentiment
7/10
↑
Trend: Improving
The market shows dip-buying sentiment and has absorbed the Q2 disappointment with focus on metal prices and underlying earnings.
Price context
At 520.4 SEK the share is 26.4 % below its 52-week high yet up 66.9 % over twelve months, reflecting cyclical metal-price sensitivity without altering fundamentals.
Risk assessment
5/10
Dilution:
Low
Stable cash flow and manageable net debt
Jurisdiction:
Low
Operations mainly in Sweden, Finland and EU
Execution:
Medium
Technical issues at Odda and seismic event at Garpenberg
Recent changes
- ▲ The reduction follows more stable cash flow outlook and lower execution concerns after the Q2 update.
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Show all changes (12) — follow the company freeAbout the company
Boliden is a Nordic producer of base and precious metals with mines and smelters in Sweden, Finland, Norway, Ireland and Portugal. The company extracts and processes copper, zinc, nickel, lead, gold and silver and conducts recycling. Operations are profitable but cyclical and in an expansion phase with major investments in Odda and integration of acquired assets.
Sector:
Mining and metals smelting
Type:
Producer
Next report
29 Oct 2026
Q3
Catalysts
29 Oct 2026
Q3 report
High
Dec 2026
2027 production guidance
High
Horizon:
Bull case
High metal prices and recovery at Garpenberg deliver strong earnings despite temporary disruptions.
Bear case
Negative free cash flow and continued delays in the Odda expansion limit upside in the near term.
Sensitivity analysis
| Factor | If it weakens | If it strengthens |
|---|---|---|
| Copper and gold prices | Lower metal prices → reduced EBITDA and weaker free cash flow. | Higher metal prices → improved profitability and faster debt reduction. |
| Odda expansion ramp-up | Further delays → lower volume contribution and continued negative free cash flow. | Faster ramp-up → higher EBITDA and positive free cash flow in 2027. |
We monitor these factors. Follow the company to get email when any of them hit.
Signal rationale (informational)
Strong Q2 results and favourable metal prices support the HOLD signal despite negative free cash flow and operational challenges.
Recent news
- The share rebounded sharply in August after the July drop with a 9.4 % gain in one week to 520.4 SEK. Retail investors on Avanza and Swedbank actively bought the stock after the post-report sell-off.
Key figures
Revenue
H1 2026
SEK 25.7B
Revenue TTM
TTM
SEK 102B
EBITDA
Q2 2026
SEK 5.5B
Net income
Q2 2026
SEK 2.2B
Cash
H1 2026
SEK -2.1B
Total debt
Q2 2026
SEK 23.3B
Gross margin
TTM
17.7%
Shares outstanding
Q2 2026
284M
EPS
Q2 2026
SEK 7.81
Price & valuation
Last close
SEK 527
Market Cap
SEK 150B
1 week
+2.8 %
3 months
-3.5 %
12 months
+68.1 %
From 52w high
-25.5 %
From 52w low
+73.5 %
Exchange
Stockholm
Type
Producer
Sector
Mining and metals smelting
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.