Boliden AB

BOL.ST

Industrial Materials · Basic Materials

Price

kr 504.40

-9.00 (-1.75%)

Market Cap

kr 143.23B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+3.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 273.5M (2021) → 281.6M (2025)

Boliden is a Swedish mining and metals company that digs up copper, zinc, lead, gold, and silver from mines across northern Europe. It sells these metals to manufacturers who use them to make things like electrical wiring, car parts, and electronics. Boliden is one of Europe's largest producers of zinc and copper, and it also runs large smelters that process raw ore into refined metals.

The company earns money by selling refined metals at market prices, so its profits rise and fall with global commodity prices. Boliden operates primarily in Sweden, Finland, Norway, and Ireland, and employs roughly 6,000 people. Its competitive edge comes from owning both mines and smelters, which gives it more control over costs than companies that do only one or the other. The main risk is that falling copper or zinc prices — driven by slower global industrial demand or oversupply — can quickly squeeze profit margins.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+31.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+68.3% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$1.3B/ year

↑ Rising (+15% vs prior year)

1.4% of revenue

Below sector average (3%)

R&D investment increasing — building for the future

Insider Activity

1.8%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$10.0B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Boliden AB grew revenue 32% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

20.2%

Thin — 20.2% gross margin

Operating Margin

18.9%

Healthy — 18.9% operating margin

ROCE

5.0%

Weak — 5.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+9.1%

Steady sales growth (9.1% YoY)

EPS YoY

-4.0%

Earnings shrinking (-4.0% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

222%

Turns 222% of profit into real cash

FCF Margin

8.3%

Modest free cash flow (8.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.29

Conservative — low debt load (0.29)

Interest Cover

9.51x

Comfortably covers interest (9.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

13.0x

Attractive valuation — P/E 13.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+2.9

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

1.93%

Small dividend — 1.93% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

-55.2%

Dividend cut (-55.2% YoY) — warning sign

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