
Boliden AB (publ) (BDNNY)
ValueMarkers Composite Index
57% above intrinsic value ($8)
Boliden AB (publ) (BDNNY) — VMCI valuation read
Headline read on BDNNY: VMCI of 58/100 versus a Basic Materials sector median of 50. The 8-point above-median position is what makes Boliden AB (publ) a relative-value candidate in the mid-cap cohort, before any pillar-level review.
Form 4 filings on BDNNY: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.
**Investor frame.** Three reads on BDNNY: value (BDNNY trades at 15.0x earnings, 17% below the Basic Materials median of 18.0x), quality (ROIC of 15.0% sits 5.0pp above the Basic Materials median (10.0%)), and risk (net debt to EBITDA of -0.6x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Basic Materials 12.0x baseline.
BDNNY rose 2.1% over the trailing 7 days, with a +7.1% read on a 30-day basis.
Boliden AB (publ) engages in the exploring, extracting, and processing of base metals and precious metals in Sweden, other Nordic region, Germany, the United Kingdom, the rest of Europe, North America, and internationally. The company operates through two segments, Business Area Mines and Business Area Smelters. It explores for copper, zinc, nickel, lead, gold, silver, cobalt, tellurium, platinum, and palladium deposits. The company operates the Aitik, the Boliden Area, and Garpenberg mines in Sweden; the Tara mine in Ireland; and the Kevitsa mines in Finland. Its products include zinc and lead ingot, copper cathode, gold bar, and silver granule, and other products, such as sulphuric acid; copper, lead, nickel, and zinc concentrates; and by-products, including copper sulphate, zinc clinker, iron sand, copper telluride, selenium, nickel matte, and crude nickel sulphate, as well as palladium, platinum, rhodium, iridium, ruthenium, and osmium concentrates. The company sells its metals primarily to industrial customers, as well as construction, electronics, and automotive industries; and paper manufacturers. Boliden AB (publ) was founded in 1924 and is headquartered in Stockholm, Sweden.
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