Boliden AB

“Boliden owns irreplaceable European mining and smelting assets with genuine copper demand tailwinds from electrification, but cycle-average ROIC barely clears WACC, the Odda expansion was executed into structural TC/RC headwinds with a ~50% cost overrun, and at 17.3x forward earnings the current price offers no margin of safety for new investors. The normalized 5-10 year return of roughly 6-7% CAGR is inadequate compensation for commodity exposure and earnings uncertainty, making this a fair business at a fair price — not an investment opportunity.”