olivLaw · European equity research
Borgestad ASA BOR.OL
Norway · Euronext Oslo Børs · ISIN NO0013256180 · Vertical: Listed companies from Norway
Borgestad ASA is a Norwegian investment company with two pillars: the Agora Bytom shopping centre in Poland and Höganäs Borgestad, a supplier of refractory products and services for high-temperature industrial processes in the Nordic region. For fiscal 2025 management expects improved underlying results and cash flow, while turnover fell slightly by approximately percent.
At the close of 04 Nov 2026, Borgestad ASA (BOR.OL) stock was 16.20 NOK (−1.52% on the day), with market capitalisation 563.7 m NOK, P/E 36.8 on diluted EPS of 0.44 NOK over the last 12 months, dividend yield 4.94%, beta 0.18, 52-week range 15.50–19.50 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)
- 37.9
- weak (30–45)
- Bollinger (20, 2)
- 16.33 – 17.80
- below the lower band · %B -0.09 · band width 8.6%
- SMA 50 / 200
- 17.19 / 16.97
- mixed trend
- MACD (12, 26, 9)
- -0.06 / 0.00
- MACD below 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 | −3.6% | −1.5% | −2.1 pp | — |
| 3 months | −1.5% | −5.3% | +3.8 pp | — |
| 6 months | −2.4% | +4.7% | −7.1 pp | — |
| Year to date | −16.9% | +6.0% | −22.9 pp | — |
| 1 year | −11.5% | +8.2% | −19.7 pp | −5.7% |
| 3 years | −1.9% | +47.2% | −49.1 pp | +15.4% |
| 5 years | −90.0% | +41.8% | −131.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 15.7, median 30.0, max 44.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.1 bn | 1.1 bn | 1.1 bn |
| Revenue YoY | unavailable | +3.1% | −3.0% |
| Net income | -78.3 m | 45.2 m | 15.3 m |
| Net income YoY | unavailable | unavailable | −66.2% |
| Diluted EPS | -0.23 | 1.29 | 0.44 |
| Diluted EPS YoY | unavailable | unavailable | −65.9% |
| net % | -7.1% | 4.0% | 1.4% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 152.6 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 802.9 m NOK
- Total assets
- 1.5 bn NOK
- Debt / equity
- unavailable
- Current ratio
- 1.77x
- ROE
- 1.9%
- ROA
- 1.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.1 bn | 1.1 bn | 1.1 bn | esef· 21 Oct 2026verified |
| Operating income | 5.6 m | 104.3 m | 52.6 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 31.8 m | 34.7 m | 39.8 m | esef· 21 Oct 2026verified |
| EBITDA | 37.4 m ≈ | 139.1 m ≈ | 92.4 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 55.9 m | 34.2 m | 37.9 m | esef· 21 Oct 2026verified |
| Pre-tax income | -37.3 m | 82.3 m | 23.9 m | esef· 21 Oct 2026verified |
| Income tax | 26.3 m | 20.5 m | 3.5 m | esef· 21 Oct 2026verified |
| Net income | -78.3 m | 45.2 m | 15.3 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.23 | 1.29 | 0.44 | esef· 21 Oct 2026verified |
| Dividend per share | — | 0.00 | 0.80 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 152.7 m | 220.5 m | 152.6 m | esef· 21 Oct 2026verified |
| Receivables | — | 150.4 m | 186.8 m | esef· 21 Oct 2026verified |
| Inventories | 118.7 m | 126.3 m | 138.1 m | esef· 21 Oct 2026verified |
| Current assets | 463.8 m | 497.1 m | 477.4 m | esef· 21 Oct 2026verified |
| Goodwill | 90.1 m | 90.1 m | 110.8 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 28.5 m | 26.0 m | 11.3 m | esef· 21 Oct 2026verified |
| Total assets | 1.4 bn | 1.5 bn | 1.5 bn | esef· 21 Oct 2026verified |
| Current liabilities | 273.0 m | 260.6 m | 270.0 m | esef· 21 Oct 2026verified |
| Equity | 755.8 m | 809.0 m | 802.9 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 340.4 m | 35.1 m | 34.8 m | esef· 21 Oct 2026derived |
Cash flow · NOK
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: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 563.7 m NOK
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.4% | 42 (vs peers) | 23% |
| 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 | 1.4x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.8x | 81 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 36.8x | 21 (vs peers) | 38% |
| 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 sheet32/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial42/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial21/100 · 1/3 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
BORGESTAD ASA (BOR.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.1 bn NOK in 2025; YoY growth -3.0%; net margin 1.4%; ROE 2.1%.
The estimated value range is 5.83–11.38 NOK per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 8.12 NOK, the price of 16.20 NOK leaves a potential of -49.9% (value / price − 1) and a margin of safety of -99.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.8x
What contradicts it
- Interest coverage: 1.4x
- P/E (TTM): 36.8x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 85.6 bn | 21.8 | 7.9% | 21.4% | +42.5% | +46% / +70% |
| AFG.OLAf Gruppen Asa | 21.6 bn | 19.9 | 39.7% | 3.4% | +4.4% | +9% / +71% |
| ELK.OLElkem Asa | 19.6 bn | 40.2 | 1.9% | 2.7% | −15.7% | +12% / +77% |
| ATEA.OLAtea Asa | 19.0 bn | 22.0 | 19.7% | 2.3% | +8.1% | +15% / +40% |
| AKSO.OLAker Solutions Asa | 17.6 bn | 6.9 | 22.5% | 4.1% | +19.2% | +19% / −11% |
| AUSS.OLAustevoll Seafood Asa | 16.7 bn | 37.2 | 1.6% | 1.1% | +11.1% | −6% / +11% |
| BRG.OLBorregaard Asa | 15.5 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −10% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.9 | 17.1% | 11.4% | −10.8% | +18% / +45% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +38% / +30% |
| B2I.OLB2 Impact Asa | 8.7 bn | 14.2 | 11.0% | 16.4% | +2.6% | +39% / +236% |
| AKVA.OLAkva Group Asa | 5.8 bn | 31.3 | 13.7% | 4.2% | +24.4% | +74% / +153% |
| BOUV.OLBouvet Asa | 5.1 bn | 14.5 | 80.7% | 9.2% | −0.2% | −18% / −14% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| CLOUD.OLCloudberry Clean Energy Asa | 3.9 bn | 61.2 | 1.3% | 13.1% | +34.0% | −6% / +28% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.7 bn | 10.9 | 34.9% | 16.8% | +12.4% | −11% / +22% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −14% / −7% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.9 | 30.1% | 16.1% | +32.3% | −51% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 110.5 | 2.9% | 8.6% | +7.9% | −7% / −47% |
| CAPSL.OLCapsol Technologies Asa | 868.8 m | — | -89.4% | -114.8% | −25.0% | −34% / −67% |
| BOR.OLBorgestad Asa | 563.7 m | 36.8 | 2.1% | 1.4% | −3.0% | −5% / +44% |
| ARR.OLArribatec Group Asa | 239.5 m | 4.9 | 22.1% | 9.3% | +15.7% | −31% / −54% |
| DELIA.OLDellia Group Asa | 73.4 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.9 m | 0.1 | — | 7,297.7% | −87.2% | −81% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −41% / −42% |
1- and 3-year price returns: for BOR.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 8.85 Total return -43% · Per year -43% | 15.71 Total return -0% · Per year -0% | 23.75 Total return 50% · Per year 50% |
| 3 years | 7.34 Total return -49% · Per year -20% | 14.77 Total return -1% · Per year -0% | 24.69 Total return 62% · Per year 17% |
| 5 years | 6.09 Total return -54% · Per year -14% | 13.89 Total return -2% · Per year -0% | 25.67 Total return 75% · Per year 12% |
- Exit P/E± 3.69
- Net margin± 2.59
- Annual revenue growth± 2.29
- Annual dilution± 0.22
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
Borgestad ASA is a Norwegian investment company with two pillars: the Agora Bytom shopping centre in Poland and Höganäs Borgestad, a supplier of refractory products and services for high-temperature industrial processes in the Nordic region. For fiscal 2025 management expects improved underlying results and cash flow, while turnover fell slightly by approximately 1 percent.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Liquidity and refinancing riskmedium
Bank debt maturing in the coming years could require refinancing on less favourable terms if credit markets weaken 1.
- Interest rate riskmedium
Part of the financing carries floating interest; rate changes could affect profit before tax and equity 1.
- Currency riskmedium
Operations in EUR, PLN and SEK expose the company to exchange-rate movements that could change earnings and equity 1.
- Heavy-industry demand riskhigh
A slowdown in customer investment could reduce refractory sales and installation projects 1.
- Climate and nature riskmedium
Disruption in raw material supply chains and possible environmental production stoppages could generate costs and delays 1.
Investment thesis
What would need to be true (bull case)
- If Höganäs Borgestad improves margins and cash flow, results could exceed management's expectations for the coming period 1.
- Rising consumer spending in Poland could support Agora Bytom's performance and improve debt coverage 1.
- A balanced capital structure and met covenants provide a margin of safety for growth strategies 1.
What would break the thesis
What to watch
- Development of turnover and margins in the refractory segment2026
- Compliance with financial covenants at Nordea and for the Agora Bytom loanAnnual report 2026
- Consumer spending and rental performance at the Agora Bytom centreQ1 2027
- Outcome of announced strategic transactions and acquisitionsnext 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
Borgestad ASA operates as an investment company with two main verticals: the Agora Bytom shopping centre in Poland and Höganäs Borgestad, which produces refractory products and provides services and installations for Nordic industry 1. The company funds its activity through equity and long-term debt, with an equity ratio of 54.7 percent at 31.12.25 1. The board continues to evaluate strategic opportunities, including transformational M&A, following the 2025 acquisitions of Emcotech AB and Norsk Ildfast Gjenvinning Drift AS 1.
The shareholder base is concentrated: the largest shareholder Kontrari AS holds 29.84 percent of shares, and the top 20 shareholders together hold 83.34 percent 1. The company held no own shares at 31.12.25 1.
Financial debt includes secured bank loans, mainly in EUR for Agora Bytom and in SEK for Höganäs Borgestad, maturing up to 2028 1. Assets pledged as security totalled NOK 1,101,844 thousand at 31.12.25 1.
Segments
Agora Bytom (property, Poland)
The Agora Bytom shopping centre is a property in Poland financed by a mortgage loan of about EUR 28.9 million, of which 70 percent is fixed through interest derivatives 1. Management expects consumer spending in Poland to support the centre's performance 1.
Höganäs Borgestad (refractories)
Höganäs Borgestad produces and sells refractory products, services and installations for high-temperature industrial processes, with operations in Sweden, Norway and Poland 1. The segment is subject to covenants on equity and net debt to EBITDA, which the company met at 31.12.25 1.
Market context
The refractory market depends on heavy industry and investment cycles; management notes the sector has historically been resilient after slowdowns, often followed by catch-up effects 1. A possible decline in customer demand due to trade tariffs or global conflicts could temporarily affect segment sales 1. Polish economic growth has remained above the EU average, which supports the shopping centre outlook 1.
The Polish property market is influenced by domestic consumption and financing costs; floating rates expose the group to rate changes, and a one percentage point move could affect profit before tax by about NOK 654 thousand 1.
Trends
- Trade tensions and geopolitical uncertaintyheadwind
Management acknowledges uncertainty from conflicts and trade tensions; the direct impact on Borgestad is seen as limited, but indirect effects on customer demand are possible 1.
- Consumer growth in Polandtailwind
Polish growth above the EU average and rising consumer spending could support Agora Bytom's performance if the trend continues 1.
- Demand for low-carbon productstailwind
Circular economy practices, recycled inputs and taking back refractory products from customers could reduce emission costs and meet demand for lower-carbon products 1.
- Climate and regulatory costsmixed
Total emissions rose slightly, which exposes the company to climate-related costs and regulation such as CBAM if not managed effectively 1.
Competitive position
In refractories, Höganäs Borgestad competes with other producers and industrial service providers in the Nordic region; the source documents do not name specific competitors. The company focuses development on services, recycling and strategic acquisitions 1.
For Agora Bytom, competition comes from other shopping centres in Poland; the advantage depends on local consumption and keeping financing within covenant limits 1.
- European refractory producers (unnamed in source)
The source does not name direct competitors; the comparison is based on the general Northern European refractory market.
- Other shopping centre operators in Poland
The source does not identify competing operators; competition in Poland is mentioned only in general terms.
- Nordic industrial service providers
General competition in industrial services and installations, without names in the source document.
- Refractory raw material suppliers
Raw material suppliers are a supply-chain risk rather than direct competitors.
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 / Borgestad 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.