Analyst Group

Equity Research Report on Borgestad - Bjuv Completed and Margin Target Within Reach

Källa: MFN
Positiv

Sammanfattning

Analyst Group har publicerat en aktieanalys på Borgestad. Värderingen i Bas-scenariot har höjts till 22,6 kr per aktie, drivet av slutförd sale-leaseback-transaktion i Bjuv och återkommande intäkter från fastigheten Agora Bytom.

Analys

Aktieanalysen belyser Borgestads övergång från återhämtning till kapitalåterföring, understödd av en slutförd sale-leaseback-transaktion i Bjuv och en stabil fastighetsportfölj. Höjningen av motiverat värde per aktie reflekterar dessa positiva utvecklingar. Bolagets två huvudsakliga tillgångar, Höganäs Borgestad och Agora Bytom, förväntas fortsätta generera stabila kassaflöden.
Se relaterad nyhet

Nyckeltal

Motiverat värde per aktie (Base scenario)
22,6 kr (21,1 kr)
Extraordinär utdelning
NOK 1,50 per aktie

Insikter

  • • Borgestad skiftar fokus från återhämtning till kapitalåterföring.
  • • Fastighetsportföljen utgör en stabil grund för bolaget.
  • • Värderingen per aktie har reviderats upp.
Fundamental påverkan
Positiv

Analyst Groups analys indikerar en positiv fundamental utveckling drivet av slutförd transaktion och stabil fastighetsintäkt, vilket motiverar en högre värdering.

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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, which includes 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 revenue growth returning on a lower cost base, Bjuv completed and an extraordinary dividend of NOK 1.50 per share paid in November 2026, the case has moved from recovery to capital returns, while the property underpins the downside. On a SOTP basis, Analyst Group derives a justified value of NOK 22.6 per share (21.1) in a Base scenario.

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, which includes 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 revenue growth returning on a lower cost base, Bjuv completed and an extraordinary dividend of NOK 1.50 per share paid in November 2026, the case has moved from recovery to capital returns, while the property underpins the downside. On a SOTP basis, Analyst Group derives a justified value of NOK 22.6 per share (21.1) in a Base scenario.

Read the equity research report here

About Analyst Group: One of the leading Nordic 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.