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Companies: BOL ALL ATYM ANTO SHG SOLG 1SN ARR BOL PXC
SP Angel
After a dismal Q2, there was some respite for Boliden in Q3. While the results were mixed compared with the market’s expectations (which triggered another sell-off), there were some positives – especially in top-line terms. Although it would be premature to expect that all the (operating) issues will soon be resolved, the ability to navigate volatile commodity markets was evident in the divisional dynamics (even when operations are far from optimal). Hence, the market’s nervousness remains a bu
Companies: Boliden Ab (BOL:STO)Boliden AB (BOL:OME)
AlphaValue
On the back of extreme endogenous and exogenous headwinds, Boliden reported dismal Q2 results. Disappointingly, the weakness in Mining was worse than Smelting – where a massive fire accident crippled operations. The situation was further complicated by a difficult macro/operating environment. While the issues may not subside anytime soon, today’s colossal sell-off and the significant share price weakness in recent months has opened up an opportunity to bank on a firm that’s capable of gradually
Based on our recent discussion with Boliden’s IR, it is clear that the recent smelter incident has dealt a major blow to operations. A key limitation would be the inability to capture the value of free metals (primarily gold), which is expected to take a toll on profitability. The good part is that the impact of this event is well-insured. Also, drawing a parallel with Norsk Hydro (faced with a similar situation a few years ago), we remain confident of the Swedish firm’s rebound.
Companies: BOL GAL KAV ZNWD CUSN BOL CCZ
2023 began on a weak note for Boliden with the Q1 results missing the street’s expectations. Volumes were a key challenge, especially in Mining. While the stock fell >7% on the day of the results release, we believe that the current level offers an attractive entry opportunity, thanks to intact underlying virtues – including well-balanced Mining and Smelting exposure, FX benefits, valuable precious metal exposure, a strong balance sheet, abating cost headwinds and a unique European metals propos
2022 ended on a mixed note. A combination of volume challenges, moderating prices and higher costs restrained the Q4 results. While the 2022 results were at record levels – which also fuelled an impressive shareholder rewards package – and Smelting outperformed Mining – something which may continue in the near future – a normalising medium-term earnings trajectory seems inevitable. Moreover, with aggressive spending plans, rewards too should normalise. But given Boliden’s unique metals propositi
Despite healthy prices, Boliden’s Q2 results missed street expectations. Besides guided maintenance shutdowns, the impact of spiralling cost inflation was evident in both divisions. Moreover, given the ferocious commodity pricing correction underway since late Q2, further operating performance normalisation in the coming quarters seems inevitable. However, by virtue of its smelting exposure, precious metal diversity and valuable SEK-driven tailwinds, Boliden seems ‘relatively’ better positioned
On the back of war-induced pricing euphoria, Boliden reported exceptional Q1 22 results, with both divisions performing well. While prices helped dwarf cost concerns in Q1, this may not be the case in the coming quarters. Moreover, with serious growth concerns in the Swedish firm’s focus markets, the sustainability of the current results looks increasingly difficult. While Boliden is an apt and well-balance proxy for Europe’s long-term metal demand, it is also risky given the brewing challenges.
After a disappointing Q3, Boliden has reported impressive Q4 results and summed up to healthy 2021 results. Broad-based price gains (and Q4 FX tailwinds) overshadowed volume disruptions and (brewing) cost challenges. Management again announced attractive shareholder rewards. However, various cost risks and pricing vulnerabilities lie ahead. While Boliden by virtue of its business model remains well-positioned to withstand market volatility, for now, the downside risks are higher and, hence, we m
Although Boliden reported soft Q3 results – largely due to guided maintenance shutdowns and some unexpected production issues – the firm remains in a strong position to leverage favourable market dynamics. Besides the near-term disruption in (European) zinc markets, the recovery in smelting charges is a good omen. Furthermore, the firm’s strong positioning in Europe – where demand fundamentals are ‘relatively’ more stable vs. the likes of China – makes the Swedish firm a good sector bet.
On the back of healthier prices, this time Boliden reported decent Q2 operating results. Although the performance fell below expectations. Mining continued to do well, but Smelting came under some pressure. While Boliden remains an attractive European bet, the near term is likely to be restrained by market volatility, planned maintenance shutdowns and growing inflation risk(s).
Continuation of price tailwinds supported Boliden’s Q1 results, despite production challenges in mining, TC worries in smelting and FX headwinds. Both divisions managed healthy results. While eventual commodity market normalisation and guided smelter maintenance should gradually result in capped/retreating margins, Boliden’s (cash) return generation capabilities should remain intact. Hence, the Swedish miner-smelter remains attractive, but with limited upside.
Despite the pandemic, Boliden posted healthy results. Interestingly, the performance resilience was led by both divisions – which typically exhibit contrasting fortunes. These intriguing dynamics translated into healthy cash flows and, hence, impressive shareholder rewards. While commodity markets seem expensive at present, the group’s ability to limit performance erosion in weaker markets and the added benefit of sizeable precious metal exposure are valuable virtues. Hence, our positive recomme
Research Tree provides access to ongoing research coverage, media content and regulatory news on Boliden Ab. We currently have 73 research reports from 4 professional analysts.
Drilling operations have commenced on the first of two wells at Chariot’s Loukos Onshore licence in Morocco. The initial well is targeting the Gaufrette prospect, situated updip of an existing gas discovery (LNB-1) and is supported by seismic amplitude anomalies. Success at Gaufrette could unlock a P50 resource of 26Bcf and further upside volumes could come from a series of deeper targets that have been identified on newly reprocessed 3D seismic data. Following Gaufrette, Chariot will drill the
Companies: Chariot Limited
Cavendish
Trident released their annual yesterday this morning, as well as an update regarding their Paradox royalty. Firstly, looking at their l results, we already knew the total royalty receipts this year, and therefore the focus is on EBITDA and Net Income. Both came in slightly lower than estimated but both largely driven by our lower SG&A cost estimate. We believe the reason for this is somewhat temporary – see comment below. On Paradox, Anson Resource has received a binding offtake for their proje
Companies: Trident Royalties Plc
Tamesis Partners
Q1/24 sales volumes averaged 2,669bopd, a 2% QoQ and 8% YoY reduction (Q4/23: 2,736bopd, Q1/23: 2,899bopd) as Trinity continues to offset natural production decline through an active programme of workovers, recompletions, and swabbing. Trinity has reiterated its 2024 sales volume guidance of 2,600-2,700bopd (a c5% YoY reduction at the mid-point). Cash at 31 March 2024 was US$8.6m (31 December 2023: US$9.8m). Trinity has also provided an update on the Jacobin-1 well, where the forward plan is to
Companies: Trinity Exploration & Production Plc
I3 has released its full year 2023 results, demonstrating the cash generation capability of its business, and funding position going into the increased planned 2024 CAPEX programme, where new drilling is expected to begin in June.
Companies: i3 Energy Plc
Zeus Capital
Pantheon Resources announced that Lee Keeling & Associates (“LKA”) has ascribed the Alkaid Horizon, consisting of the smallest and deepest development candidate of the Ahpun field, 79 mmb of recoverable reserves and resources (5 million barrels of possible reserves and 74 million barrels of contingent resources).
Companies: Pantheon Resources plc
WHIreland
Seplat delivered an encouraging operating performance in 1Q24 including production of 49.3kboed, towards the upper end of guidance (44-52kboed). All current guidance was maintained but good progress on the ANOH export infrastructure and an earlier than expected resumption of exports through Zone 6 of the Trans Niger Pipeline improve confidence that guidance will be at least met. Financial performance for the quarter was skewed by a substantial underlift, FX effects, and a high deferred tax charg
Companies: Seplat Energy PLC
Capital Access Group
Companies: CNC RNO MAI IUG CUSN POLB
Companies: Sylvania Platinum Ltd.
Liberum
• FY23 production was in line with our expectations and the YE23 cash balance of US$12 mm had been reported previously. • The highlight of the announcement is the discovery by the CN-8 well of multiple hydrocarbon-bearing intervals. 14 feet of net oil pay were encountered in the Carbonera in an area that was not considered prospective. The pay zone is a clean sandstone exhibiting consistent 25% porosity and high resistivities. The well has been put in production at a gross rate of 330 bbl/d (165
Companies: Arrow Exploration Corp.
Auctus Advisors
Alien recently announced (RNS 29.04.24) that it had entered into a joint venture with Errawarra Resources (ASX:ERW no rec) concerning the lithium rights of its Pinderi Hills project in the West Pilbara, Australia. This new project JV is concerned with lithium exploration over the licences which host the Munni Munni PGM-copper-nickel project and the Elizabeth Hill silver project. The farm-in by Errawarra effectively values the lithium JV at A$8m.
Companies: Alien Metals Ltd
Companies: Touchstone Exploration Inc
Shore Capital
Sylvania has maintained annual production guidance despite Q324 results being affected by a 22-day strike, resulting in 10% lower production. The PGM basket price was stable during the quarter, with positive platinum momentum offset by palladium weakness and rhodium prices stable. Operating costs increased by 5.6%, in line with expectations. FY24 production guidance is for 75,000–76,000oz, despite the challenges in Q324. Our PGM outlook is unchanged from our moderated forecasts earlier in the ye
Edison
Companies: Chariot Limited (CHAR:LON)Duke Capital Limited (DUKE:LON)
We have now updated our forecasts for the recent full year 2023 results. This sees our 2024 numbers remain unchanged, but our 2025 numbers nudge up, remaining above the existing 2025 guidance range.
Companies: Gulf Marine Services PLC
Castings has released a brief trading update for FY24 to the end of March indicating that results will be marginally ahead of market expectations, so we increase FY24 PBT estimates by 4.7% to £21.0m, driven by an improved margin. Demand in the heavy truck market has been normalising with forward schedules now at a lower level, as also reported by major truck OEMs. Zeus forecasts for FY25 will be revisited at the 12 June results when we will have a better indication of demand volumes. At current
Companies: Castings Public Limited Company
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