Analyst Group

Equity Research Report on Borgestad - Efficiency Fueling Refractory Margin Recovery

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Positiv

Sammanfattning

Analytiker lyfter fram Borgestads potential för ökad lönsamhet inom eldfasta lösningar, drivet av en återhämtning i efterfrågan och ett genomfört kostnadsprogram. Fastighetsinnehavet i Polen ger stabilitet. Värderingen i bas-scenariot sätts till 21,1 NOK per aktie.

Analys

Rapporten indikerar en positiv vändning för Borgestads eldfasta verksamhet, som förväntas förbättra marginalerna tack vare ökad efterfrågan och kostnadsbesparingar. Shoppingcentret i Polen utgör en stabil intäktskälla som minskar den totala risken. Analytikerns värdering på 21,1 NOK per aktie, jämfört med tidigare 20,7 NOK, signalerar en förbättrad framtidsutsikt.

Nyckeltal

Motiverat värde per aktie (Base scenario)
NOK 21,1 (20,7)

Insikter

  • • Analytikerns motiverade värde per aktie har höjts.
  • • Kombinationen av cyklisk återhämtning och stabila fastighetsintäkter skapar en defensiv tillväxtprofil.
  • • Marknadsledande positioner inom båda affärsområdena.

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 earnings recovering from a cyclical trough, the cost program at full effect and maintenance demand gradually returning, the Company is positioned for continued margin uplift, while the property underpins the downside. On a SOTP basis, Analyst Group derives a justified value of NOK 21.1 per share (20.7) 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 earnings recovering from a cyclical trough, the cost program at full effect and maintenance demand gradually returning, the Company is positioned for continued margin uplift, while the property underpins the downside. On a SOTP basis, Analyst Group derives a justified value of NOK 21.1 per share (20.7) 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.