Boliden: Going for Nexa Resources?

Research evidence excerpt

Boliden: Going for Nexa Resources?

Update

July 2, 2026 03:55 PM GMT

Morgan Stanley & Co. International plc+MBoliden | Europe Alain Gabriel, CFA

Equity Analyst

Going for Nexa Resources? Alain.Gabriel@MorganStanley.comIoannis Masvoulas, CFA +44 20 7425-8959

Ioannis.Masvoulas@morganstanley.com +44 20 7425-0427

What's new? Boliden has released a statement in response to debate over a

Adahna Ekoku

potential acquisition of Nexa Resources (covered by Carlos De Alba). The company Equity Analyst

has confirmed that it is in discussions with Nexa Resources (NYSE-listed) and Adahna.Ekoku@morganstanley.com +44 20 7425-0578

Ferdinand Huber

Votorantim, majority owner of Nexa Resources, regarding a potential acquisition of Research Associate

Votorantim’s shares in Nexa Resources. There is no certainty that any transaction Ferdinand.Huber@morganstanley.com +44 20 7677-2702

will take place, nor what the terms of any such transaction would be. Further Boliden (BOL.ST, BOL SS)

announcements will be made if and when appropriate, according to the Boliden Metals & Mining | Sweden

release. Given Votorantim owns 64.68% of Nexa’s shares, any acquisition of Stock Rating Equal-weight

Votorantim’s stake would represent a potential acquisition of control of Nexa Industry View In-Line

Price target SKr 513.00

Resources. Key unknowns at this stage remain: (1) valuation, (2) funding structure Shr price, close (Jul 1, 2026) SKr 541.00

and balance-sheet impact, (3) potential synergies, and (4) and any treatment of 52-Week Range SKr 727.80- 291.60

Mkt cap, curr (mn) SKr 153,620

Nexa’s public minority shareholders. Net debt (12/26e) (mn)* SKr 13,339

EV, curr (mn)* SKr 182,370

Our view: We see an industrial logic behind a potential transaction, but also a step * = GAAP or approximated based on GAAP