Analyst Group

Analyst Group Initiates Equity Research Coverage on Borgestad

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Sammanfattning

Analyst Group har inlett bevakning av Borgestad genom ett avtal om beställd analys. Enligt analysen härleds ett motiverat värde om 20,7 NOK per aktie i ett bas-scenario, drivet av bolagets ägarandel i Höganäs Borgestad och shoppingcentret Agora Bytom.

Analys

Analyst Group har inlett bevakning av Borgestad. Bolaget beskrivs som ett industriellt investmentbolag med två kärntillgångar: en stor ägarandel i Höganäs Borgestad, en ledande aktör inom refräktairlösningar, samt ett shoppingcenter i Polen. Med en förväntad marginaluppgång för refräktairaffären och en stabil fastighetsdel bedöms bolaget vara positionerat för förbättring. Analyst Group härleder ett motiverat värde om 20,7 NOK per aktie.

Nyckeltal

Motiverat värde per aktie (Bas-scenario)
NOK 20,7

Insikter

  • • Nyheten är enbart en initiering av bevakning och innehåller ingen ny finansiell information från bolaget självt.
  • • Värderingen om 20,7 NOK per aktie är ett estimat från en extern analysfirma.
  • • Det framgår att Analyst Group har mottagit ersättning för analysarbetet.

Analyst Group has entered into an agreement with Borgestad on commissioned research, including e.g. equity research reports with quarterly updates, comments on press releases and CEO interviews.

Analyst Group has entered into an agreement with Borgestad on commissioned research, including e.g. equity research reports with quarterly updates, comments on press releases and CEO interviews.

Positioned for the Heat, Underpinned by a Yield Asset

Borgestad ASA (“Borgestad”, “the Group” or “the Company“) is an industrial investment company built around two market-leading assets. The first is a 69.7% stake in Höganäs Borgestad, the Nordic leader in refractory solutions, the high-temperature products and installation services that steel, ferroalloy and cement producers rely on, and the only independent Nordic operator spanning the full chain from production to service. The second is full ownership of Agora Bytom, a leading shopping centre in Polish Silesia generating a stable, high-margin income that anchors the Group through the cycle. With refractory earnings in a cyclical trough, the cost programme reaching full effect and recovering maintenance demand position the Company for a margin uplift, while the property underpins the downside. On a sum-of-the-parts basis, Analyst Group derives a justified value of NOK 20.7 per share in a Base scenario.

Read the equity research report here

About Analyst Group: One of Sweden's leading analysis houses with a focus on small and medium-sized listed companies.Read more about Analyst GroupThis is a press release from Analyst Group regarding the publication of an equity research report on Borgestad. Readers may assume that Analyst Group has received compensation for making the equity research report. The Company has not been given an opportunity to influence the parts where Analyst Group has had opinions about the Company, future valuation, or anything else that could be considered a subjective assessment.