Boliden AB (BOL.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-48.4%

SEK 259.03

vs SEK 501.80 price

Levered DCF

SEK 356.50

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.53

Grey zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	15.43×	8.47×	14.17×	8.36×	10.23×	10.72×	10.74×	6.37×
P/B	1.9×	1.31×	1.53×	1.78×	1.75×	1.6×	1.5×	1.18×
P/S	1.55×	0.95×	1.1×	1.2×	1.3×	1.29×	1.24×	0.87×
EV / EBITDA	7.21×	4.59×	6.61×	4.74×	5.24×	5.09×	5.31×	3.39×
Gross margin	16.9%	14.5%	13.7%	21.0%	18.8%	19.2%	18.9%	20.4%
Operating margin	13.4%	15.3%	10.5%	18.4%	16.1%	15.9%	15.2%	17.2%
Net margin	10.1%	11.2%	7.7%	14.4%	12.7%	12.1%	11.6%	13.7%
Current ratio	1.7×	1.67×	1.8×	2.52×	2.44×	2.18×	1.5×	1.82×
Debt / equity	0.31×	0.25×	0.26×	0.19×	0.12×	0.13×	0.14×	0.09×
Interest coverage	8.56×	10.09×	9.27×	61.85×	78.04×	39.02×	86.33×	0×
Dividend yield	0.0%	2.4%	8.4%	2.8%	4.4%	2.6%	5.7%	8.3%
Payout ratio	0.0%	20.5%	119.3%	23.1%	44.8%	28.2%	61.5%	53.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.3%	15.4%	10.8%	21.3%	17.1%	14.9%	14.0%	18.5%
Return on invested capital	8.2%	11.1%	7.7%	15.6%	13.1%	11.5%	10.6%	14.7%
Return on assets	6.6%	8.6%	6.0%	12.9%	10.8%	9.4%	8.7%	12.3%
Free cash flow yield	3.6%	3.1%	-3.9%	6.1%	8.0%	6.8%	1.0%	12.3%
Earnings yield	6.5%	11.8%	7.1%	12.0%	9.8%	9.3%	9.3%	15.7%
Enterprise value	SEK 159.7B	SEK 94.4B	SEK 95.6B	SEK 102.7B	SEK 86.9B	SEK 74B	SEK 66.5B	SEK 47B
Net debt / EBITDA	0.66×	0.46×	0.66×	-0.04×	-0.13×	0.08×	0.35×	0.08×
Cash conversion cycle (days)	77	74	83	86	81	96	90	68