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.
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Strong Q1 results
- Published:
07 May 2021 -
Author:
Varun Sikka -
Pages:
3
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.