Borregaard ASA BRGAY

MaterialsChemicalsNorway

Last close 33.85 USD on Nov 2, 2026, – year to date

Quant rating

Quant rating C Rank 99 of 220 in Materials

Growth A 25 of 220
Valuation B 56 of 220
Quality A 19 of 220
Revisions C 141 of 220
Momentum D 204 of 220

Wall Street consensus Buy (2.00)Average target 19.64 USD −42.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.7B
Enterprise value: 1.8B
52-week range: 33.85 – 33.85
3-year range: 30.32 – 38.09
Dividend yield: 3.01%
Beta (5 years): –
Shares outstanding: 100M
Next earnings: Feb 3, 2027

About the company

Borregaard ASA is a Norway-based biorafinery. The Group provides sustainable products and solutions based on renewable raw materials. Its business model is closely linked to the integrated nature of its biorefinery in Norway, which utilises the three key components of wood cellulose fibres, lignin and sugars to produce a diversified portfolio of products. The Company operates through three business segments. BioSolutions develops, produces and sells biopolymers and biovanillin from lignin. BioMaterials develops, produces and sells speciality cellulose mainly for use as a raw material in the production of cellulose ethers, cellulose acetate and other speciality products. Fine Chemicals consists of second-generation bioethanol and intermediates mainly for contrast agents.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	767	670	704	702	659	–
Revenue growth	14.4%	−4.8%	0.2%	6.6%	6.1%	4.3%
EPS (basic, normalized)	0.64	0.73	0.83	0.89	0.80	–
EPS growth	−11.8%	−11.8%	−6.6%	11.5%	–	–
Gross margin	65.5%	64.1%	64.3%	61.8%	62.9%	63.7%
Net margin	8.0%	10.8%	12.2%	13.0%	11.9%	11.2%
ROE	11.4%	16.6%	18.8%	20.7%	17.5%	17.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	37.5
Current ratio	1.95x
Long-term debt (mil)	171
Net debt (mil)	195
Total equity (mil)	632
Net debt / equity	0.31x
Net debt / EBITDA	1.00x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	767	+14.4%	2.4x	195	+19.0%	9.5x	0.64	−11.8%	52.5x
2026	845	+10.2%	2.2x	201	+3.3%	9.2x	0.63	−2.4%	53.8x
2027	877	+3.8%	2.1x	223	+11.0%	8.3x	1.09	+72.4%	31.2x
2028	912	+4.1%	2.0x	234	+4.8%	7.9x	1.14	+5.0%	29.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	845	−1.5%	−1.2%	−1.8%	0.63	+8.2%	+0.1%	−35.6%
2027	877	−1.9%	−2.0%	−3.5%	1.09	−3.8%	−3.8%	−6.7%
2028	912	−1.7%	−1.8%	−3.9%	1.14	−2.4%	−1.3%	−6.9%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,975	1,949	1,949	1,744	2,036	2,045	1,799	1,833	2,005	2,114
Sales mean (mil)	1,965	2,060	1,983	1,707	1,959	1,986	1,881	1,776	1,973	1,994
Surprise	+0.5%	−5.4%	−1.7%	+2.2%	+3.9%	+3.0%	−4.4%	+3.2%	+1.6%	+6.0%
EPS reported	2.00	2.44	2.50	1.30	2.52	2.56	1.96	−0.81	1.82	2.51
EPS mean	2.07	2.61	2.44	1.45	2.23	2.69	2.48	1.67	2.40	1.09
Surprise	−3.4%	−6.4%	+2.4%	−10.0%	+13.1%	−4.8%	−21.1%	−148.4%	−24.1%	+129.2%

Peer comparison Chemicals

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BRGAY Borregaard ASA	1.7B	1.00x	8.0%	2.51x	53.8x	31.2x	9.2x	8.3x
STDN Standard Nuclear Inc	1.9B	–	−494.9%	14.47x	−47.4x	−110.5x	−129.1x	302.4x
TKYMY Tokuyama Corporation	1.8B	2.40x	6.4%	0.98x	3.5x	4.5x	6.7x	6.0x
CSNVY Corbion NV	1.8B	–	5.9%	2.10x	19.4x	15.6x	10.0x	8.8x
HUN Huntsman Corp	1.7B	7.26x	−4.8%	0.65x	−41.0x	100.3x	9.7x	8.5x
SCL Stepan Co	1.6B	1.72x	2.0%	1.31x	26.1x	19.8x	9.5x	6.9x
Mean		3.10x	−79.6%	3.67x	2.4x	10.2x	−14.0x	56.8x
Median		2.06x	4.0%	1.71x	11.5x	17.7x	9.3x	8.4x

Technical analysis

1M–
3M–
1Y–
3Y+28.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Borregaard ASA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	767	670	704	702	659	621
Cost of revenue	264	240	251	268	244	224
Gross profit	502	430	453	434	415	397
Selling, general & administrative expenses	191	161	169	155	154	153
Research & development	–	–	–	–	–	–
Depreciation/amortization	58.8	49.4	48.3	45.8	47.7	52.2
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	2.6	0	0.8	0	13.5
Other operating expenses	124	104	108	112	105	112
Operating income	128	113	127	121	108	66.2
Net interest income (expense)	−42.2	−17.5	−16.3	−7.5	−7.8	−8.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.1	−0.4	−0.2	0.5	−1.1	−0.3
Net income before taxes	85.9	94.9	111	114	99.1	57.8
Provision for taxes	26.2	22.0	26.4	27.3	24.2	13.6
Minority interest	2.0	−0.5	1.4	4.2	3.6	6.6
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	61.6	72.4	85.8	91.1	78.6	50.8
Extraordinary items	–	–	–	–	–	–
Net income	61.6	72.4	85.8	91.1	78.6	50.8
EBIT, normalized	128	116	127	122	108	79.7
EBITDA, normalized	188	166	177	169	157	132
Basic EPS, normalized	0.64	0.73	0.83	0.89	0.80	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Borregaard ASA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	9.0	7.2	46.3	23.9	14.1	24.1
Receivables	115	99.9	93.0	107	92.9	98.2
Total inventory	151	132	143	133	89.9	103
Prepaid expenses	28.7	26.5	22.4	29.3	19.6	20.3
Other current assets	7.4	0.4	3.1	5.0	13.2	4.1
Total current assets	311	266	308	298	230	250
Property, plant & equipment	567	487	512	481	516	508
Goodwill	3.9	3.4	3.7	3.5	3.6	3.7
Intangibles	4.0	4.3	4.6	4.9	6.5	6.3
Long-term investments	28.5	39.2	28.5	14.5	19.6	4.4
Note receivable	17.5	16.8	33.8	20.8	22.3	23.3
Other long-term assets	29.8	26.8	9.3	5.1	16.2	21.0
Total assets	961	843	899	828	814	816
Liabilities
Accounts payable	50.0	48.5	55.3	50.7	49.4	42.1
Payable/accrued	–	–	–	–	–	–
Accrued expenses	45.4	42.2	52.9	49.0	45.0	39.6
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	46.0	25.3	24.3	71.7	25.4	72.6
Other current liabilities	25.6	48.4	45.6	33.2	25.9	26.7
Total current liabilities	167	164	178	205	146	181
Long-term debt	171	179	199	140	150	161
Minority interest	2.5	4.3	3.8	5.2	9.5	12.8
Other liabilities	39.1	51.9	39.6	30.1	29.2	33.9
Total liabilities	379	400	420	380	334	389
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	9.9	8.8	9.9	10.2	11.4	11.7
Additional paid-in capital	243	209	227	227	246	244
Retained earnings (accumulated deficit)	308	258	255	217	205	172
Treasury stock	–	–	–	–	–	–
Other equity	20.9	−32.0	−12.5	−6.3	17.0	−0.3
Total equity	582	444	479	449	479	428
Total liabilities & shareholders' equity	961	843	899	828	814	816

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Borregaard ASA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	85.9	94.9	111	114	99.1	57.8
Depreciation, depletion & amortization	58.8	49.4	48.3	45.8	47.7	52.3
Deferred taxes	–	–	–	–	–	–
Non-cash items	28.8	1.9	0.9	3.5	0.7	5.9
Changes in working capital	−38.7	−52.3	−5.9	−88.4	15.0	−12.8
Cash from operations	135	94.0	154	75.0	162	103
Investing activities
Capital expenditures	−78.8	−62.6	−65.8	−47.4	−63.1	−58.6
Other investing cash flows	−11.3	−11.5	−16.0	0.9	−15.4	1.6
Cash from investing	−90.2	−74.1	−81.8	−46.4	−78.6	−57.0
Financing activities
Financing cash flow items	9.9	−9.6	−3.7	−8.1	−1.6	1.2
Cash dividends paid	−42.2	−32.9	−32.0	−50.9	−28.3	−26.7
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−13.4	−17.2	−5.2	38.4	−65.2	−18.9
Cash from financing	−45.6	−59.7	−40.9	−20.6	−95.0	−44.4
Foreign exchange effects	−0.3	1.8	−0.1	2.9	0.8	−0.1
Net change in cash	−1.3	−38.0	31.4	10.8	−10.3	1.7
Free cash flow	56.0	31.4	88.4	27.7	99.4	44.6

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.