olivLaw · European equity research
BEWI ASA BEWI.OL
Norway · Euronext Oslo Børs · ISIN NO0010890965 · Vertical: Listed companies from Norway
BEWI ASA is a Nordic group producing packaging and components from expanded polystyrene and polypropylene, and collecting and recycling used polystyrene. As the transition to a circular economy and new European packaging rules take shape, its integrated model could become more relevant, although the insulation segment for construction remains under pressure.
At the close of 06 Nov 2026, BEWI ASA (BEWI.OL) stock was 18.94 NOK (+2.16% on the day), with beta 0.53, 52-week range 13.46–22.00 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 52.3
- neutral
- Bollinger (20, 2)
- 17.02 – 19.53
- in the upper half of the band · %B 0.76 · band width 13.7%
- SMA 50 / 200
- 19.48 / 17.69
- mixed trend
- MACD (12, 26, 9)
- -0.32 / -0.49
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.4% | −0.6% | −2.7 pp | — |
| 3 months | −0.2% | −4.2% | +4.0 pp | — |
| 6 months | +12.6% | +4.3% | +8.3 pp | — |
| Year to date | +1.0% | +7.5% | −6.6 pp | — |
| 1 year | +15.5% | +9.9% | +5.6 pp | −5.7% |
| 3 years | −1.4% | +49.8% | −51.2 pp | +15.0% |
| 5 years | −66.2% | +42.8% | −109.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -18.0 m | -29.6 m | 15.6 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 64.5 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 459.9 m EUR
- Total assets
- 1.1 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.53x
- ROE
- 3.7%
- ROA
- 1.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 10.2 m | 8.5 m | 3.6 m | esef· 21 Oct 2026verified |
| Interest expense | 46.0 m | 49.1 m | 50.3 m | esef· 21 Oct 2026verified |
| Pre-tax income | -30.6 m | -36.8 m | -44.6 m | esef· 21 Oct 2026verified |
| Income tax | 400.0 k | -1.5 m | -2.0 m | esef· 21 Oct 2026verified |
| Net income | -18.0 m | -29.6 m | 15.6 m | esef· 21 Oct 2026verified |
| Weighted average diluted shares | 191.7 m | 191.7 m | 207.5 m | esef· 21 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 63.6 m | 36.8 m | 64.5 m | esef· 21 Oct 2026verified |
| Receivables | 223.6 m | 139.9 m | 169.0 m | esef· 21 Oct 2026verified |
| Inventories | 132.6 m | 79.6 m | 85.1 m | esef· 21 Oct 2026verified |
| Current assets | 405.7 m | 405.7 m | 254.2 m | esef· 21 Oct 2026verified |
| Goodwill | 244.5 m | 205.4 m | 200.5 m | esef· 21 Oct 2026verified |
| Total assets | 1.3 bn | 1.2 bn | 1.1 bn | esef· 21 Oct 2026verified |
| Current liabilities | 204.8 m | 155.1 m | 165.7 m | esef· 21 Oct 2026verified |
| Total liabilities | 837.7 m | 797.4 m | 685.2 m | esef· 21 Oct 2026verified |
| Equity | 415.7 m | 384.6 m | 459.9 m | esef· 21 Oct 2026verified |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.1x | 0 (on a fixed band) | 60% |
| Current ratio · Balance sheet | 1.5x | 61 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet24/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BEWI ASA (BEWI.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 3.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Interest coverage: 0.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for BEWI.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
BEWI ASA is a Nordic group producing packaging and components from expanded polystyrene and polypropylene, and collecting and recycling used polystyrene. As the transition to a circular economy and new European packaging rules take shape, its integrated model could become more relevant, although the insulation segment for construction remains under pressure 1.
SWOT
Strengths
- An integrated, circular model combining production with collection and recycling of polystyrene 1.
- A diversified portfolio of end markets that supports earnings stability across economic cycles 1.
- Recent investments in automotive and HVAC capacity that have delivered growth and better profitability 1.
Weaknesses
Opportunities
Risks
- Intensified competitionmedium
Low-cost producers, substitute materials and new entrants could weaken market position and margins 1.
- Cyber securitymedium
Cyber attacks could halt production or logistics and lead to financial and reputational losses 1.
- Raw material volatilityhigh
Price and availability swings in raw materials and energy could affect production stability and margins 1.
- Regulatory changemedium
Stricter rules on climate, recycling and energy taxation could raise compliance costs 1.
- Environmental incidentslow
Spillage or leakage could lead to remediation costs, disruption and reputational harm 1.
Investment thesis
What would need to be true (bull case)
- If growth in residential new builds materialises, spare capacity could quickly turn sales into higher operating profit 1.
- PPWR implementation could favour the company's integrated model combining production with polystyrene collection 1.
- Growth in lightweight automotive and HVAC components could support volumes in Packaging & Components 1.
What would break the thesis
- The construction insulation segment declined in 2025, and a delayed recovery in construction could keep pressure on sales 1.
- Availability and price of used polystyrene are hard to control, which could limit profitability in the Circular segment 1.
- Competition from substitute materials and low-cost producers could erode margins over time 1.
What to watch
- Sales and EBITDA trends in Insulation & Construction as residential construction recovers2026
- Whether growth in Packaging & Components continues, based on guidance for food packaging, HVAC and automotive customers2026
- Progress of PPWR implementation and its effect on demand for recycled content2027
- Availability and price of used polystyrene for the Circular segmentnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
BEWI ASA organises its activity into three segments: Packaging & Components, which develops packaging for food, pharmaceuticals and electronics, plus components for the automotive and HVAC industries; Insulation & Construction, covering insulation solutions for foundations, walls and roofs; and Circular, responsible for collecting and recycling used expanded polystyrene 1. In 2025 the group reduced its stake in BEWI RAW to 49 percent and divested BEWI Food 1.
Segments
Packaging & Components
In 2025 the segment reported net sales of EUR 339.1 million and adjusted EBITDA of EUR 51.8 million, with a margin of 15.3 percent 1. Growth came from all key end markets, including fish boxes, HVAC and automotive components, and management expects these trends to continue in 2026 1.
Market context
The market for fish packaging is linked to Atlantic salmon harvest volumes, which grew considerably in 2025 1. The polystyrene recycling market is still immature, with volatile availability and pricing of used feedstock, and demand for recycled materials depends on construction activity and rules such as PPWR, which requires at least 30 percent recycled content by 2030 1.
Trends
- Packaging regulationtailwind
The company sees PPWR implementation as an opportunity to capitalise on its integrated and circular model; if demand for recycled content rises, its own collection capacity could matter more 1.
- Construction recoverymixed
The construction sector was hit by a downturn, but expected growth in residential new builds could quickly turn volumes into EBITDA given the low utilisation rates 1.
- Growth in automotive componentstailwind
Greater use of lightweight EPP components in vehicles supports structural growth in content per vehicle, though it also depends on demand for selected car models 1.
- Volatility of raw materials and energyheadwind
Prices and availability of raw materials and energy can affect production stability and margins, adding uncertainty for the group 1.
Competitive position
The group faces competition from low-cost producers, substitute materials, new market entrants and differentiated technologies, which could reduce its market position and margins 1. Its defence rests on innovation, cost and capacity efficiency, and collaboration with customers 1.
- Substitute material producers and low-cost suppliers
The source mentions competition from low-cost producers and substitute materials without naming specific companies 1.
- New market entrants
The risk of new entrants is noted in the company's risk analysis without identifying them 1.
- Differentiated technology providers
Alternative technologies are described as competitive pressure, with no company names given in the source 1.
- Polystyrene recycling operators
The recycling market is described as immature, with no suppliers identified in the official source 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / BEWI ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.