olivLaw · European equity research
Borregaard ASA BRG.OL
Norway · Euronext Oslo Børs · ISIN NO0010657505 · Vertical: Listed companies from Norway
Borregaard ASA is a Norwegian company that converts wood into bio-based products, including speciality cellulose, bioethanol and biovanillin. For 2026 it expects higher sales volumes in BioSolutions, while the US anti-dumping case on speciality cellulose could affect market dynamics, and the proposed dividend for 2025 is 4.75 NOK per share.
At the close of 05 Nov 2026, Borregaard ASA (BRG.OL) stock was 155.00 NOK (−0.64% on the day), with market capitalisation 15.5 bn NOK, P/E 24.9 on diluted EPS of 6.22 NOK over the last 12 months, dividend yield 2.74%, beta 0.38, 52-week range 138.40–199.60 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)
- 57.1
- strong (55–70)
- Bollinger (20, 2)
- 138.80 – 159.52
- in the upper half of the band · %B 0.78 · band width 13.9%
- SMA 50 / 200
- 150.53 / 158.99
- mixed trend
- MACD (12, 26, 9)
- 1.22 / 0.08
- 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 | +4.0% | +0.4% | +3.6 pp | — |
| 3 months | −1.9% | −3.3% | +1.4 pp | — |
| 6 months | +5.4% | +4.0% | +1.5 pp | — |
| Year to date | −22.3% | +8.1% | −30.4 pp | — |
| 1 year | −18.8% | +10.7% | −29.5 pp | −4.5% |
| 3 years | −1.4% | +50.1% | −51.5 pp | +18.4% |
| 5 years | −27.7% | +43.6% | −71.3 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 67 percentile of its own 3-quarter history (min 19.7, median 22.1, max 32.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 7.1 bn | 7.6 bn | 7.7 bn |
| Revenue YoY | unavailable | +6.8% | +1.3% |
| Net income | 870.0 m | 823.0 m | 620.0 m |
| Net income YoY | unavailable | −5.4% | −24.7% |
| Diluted EPS | 8.71 | 8.25 | 6.22 |
| Diluted EPS YoY | unavailable | −5.3% | −24.6% |
| net % | 12.2% | 10.8% | 8.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 91.0 m NOK
- Financial debt
- 1.7 bn NOK
- Net debt
- 1.6 bn NOK
- Equity
- 5.9 bn NOK
- Total assets
- 9.7 bn NOK
- Debt / equity
- 0.29x
- Current ratio
- 1.86x
- ROE
- 11.3%
- ROA
- 6.4%
- 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 | 7.1 bn | 7.6 bn | 7.7 bn | esef· 21 Oct 2026verified |
| Operating income | 1.3 bn | 1.3 bn | 1.3 bn | esef· 21 Oct 2026verified |
| Interest expense | 567.0 m | 548.0 m | 486.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | 1.1 bn | 1.1 bn | 864.0 m | esef· 21 Oct 2026verified |
| Income tax | 268.0 m | 250.0 m | 264.0 m | esef· 21 Oct 2026verified |
| Net income | 870.0 m | 823.0 m | 620.0 m | esef· 21 Oct 2026verified |
| Diluted EPS | 8.71 | 8.25 | 6.22 | esef· 21 Oct 2026verified |
| Dividend per share | 3.25 | 4.25 | 4.25 | esef· 21 Oct 2026derived |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 469.0 m | 82.0 m | 91.0 m | esef· 21 Oct 2026verified |
| Receivables | 1.2 bn | 1.4 bn | 1.5 bn | esef· 21 Oct 2026verified |
| Inventories | — | 1.5 bn | 1.5 bn | esef· 21 Oct 2026verified |
| Current assets | 3.1 bn | 3.0 bn | 3.1 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 4.7 bn | 5.0 bn | 5.3 bn | esef· 21 Oct 2026verified |
| Total assets | 9.1 bn | 9.6 bn | 9.7 bn | esef· 21 Oct 2026verified |
| Long-term debt | 2.0 bn | 2.0 bn | 1.7 bn | esef· 21 Oct 2026verified |
| Current liabilities | 1.8 bn | 1.9 bn | 1.7 bn | esef· 21 Oct 2026verified |
| Equity | 4.9 bn | 5.1 bn | 5.9 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 99.7 m | 99.8 m | 99.7 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.6 bn | 1.1 bn | 1.4 bn | esef· 21 Oct 2026verified |
| Investing cash flow | -829.0 m | -842.0 m | -907.0 m | esef· 21 Oct 2026verified |
| Financing cash flow | -415.0 m | -679.0 m | -459.0 m | esef· 21 Oct 2026verified |
| Dividends paid | 324.0 m | 374.0 m | 424.0 m | esef· 21 Oct 2026verified |
| Share repurchases | 92.0 m | 98.0 m | 30.0 m | esef· 21 Oct 2026verified |
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
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 15.5 bn NOK
Key indicators
Coverage and freshness
Score by group
44% · 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: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.3% | 68 (vs peers) | 24% |
| Net margin · Quality | 8.0% | 66 (vs peers) | 14% |
| 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 | 2.6x | 18 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.9x | 88 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 24.9x | 37 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.9% | 42 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet46/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality67/100 · 2/3 factors with a value
- Returns· partial42/100 · 1/2 factors with a value
- Valuation· partial37/100 · 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
BORREGAARD ASA (BRG.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 7.7 bn NOK in 2025; YoY growth 1.3%; net margin 8.0%; ROE 11.4%.
The estimated value range is 47.19–124.77 NOK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 76.30 NOK, the price of 155.00 NOK leaves a potential of -50.8% (value / price − 1) and a margin of safety of -103.1% (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 (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.9x
What contradicts it
- Interest coverage: 2.6x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, 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 | 80.8 bn | 20.6 | 7.9% | 21.4% | +42.5% | +38% / +61% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +9% / +70% |
| ELK.OLElkem Asa | 19.0 bn | 38.9 | 1.9% | 2.7% | −15.7% | +8% / +71% |
| ATEA.OLAtea Asa | 18.7 bn | 21.7 | 19.7% | 2.3% | +8.1% | +13% / +38% |
| AKSO.OLAker Solutions Asa | 17.9 bn | 7.0 | 22.5% | 4.1% | +19.2% | +21% / −10% |
| AUSS.OLAustevoll Seafood Asa | 16.7 bn | 37.2 | 1.6% | 1.1% | +11.1% | −6% / +11% |
| BRG.OLBorregaard Asa | 15.5 bn | 24.9 | 11.4% | 8.0% | +1.3% | −18% / −10% |
| 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% / +30% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.8 bn | 31.3 | 13.7% | 4.2% | +24.4% | +74% / +153% |
| BOUV.OLBouvet Asa | 5.1 bn | 14.4 | 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 | 4.0 bn | 62.0 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.7 bn | 10.8 | 34.9% | 16.8% | +12.4% | −12% / +22% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −17% / −9% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.3 bn | 10.3 | 30.1% | 16.1% | +32.3% | −54% / 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 | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 227.8 m | 4.6 | 22.1% | 9.3% | +15.7% | −35% / −56% |
| DELIA.OLDellia Group Asa | 72.9 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.2 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −41% / −41% |
1- and 3-year price returns: for BRG.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 | 88.64 Total return -41% · Per year -41% | 156.95 Total return 4% · Per year 4% | 236.76 Total return 56% · Per year 56% |
| 3 years | 80.51 Total return -42% · Per year -17% | 160.93 Total return 12% · Per year 4% | 267.33 Total return 83% · Per year 22% |
| 5 years | 73.13 Total return -43% · Per year -11% | 165.02 Total return 21% · Per year 4% | 301.85 Total return 114% · Per year 16% |
- Exit P/E± 40.23
- Net margin± 28.16
- Annual revenue growth± 23.86
- Annual dilution± 2.37
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
Borregaard ASA is a Norwegian company that converts wood into bio-based products, including speciality cellulose, bioethanol and biovanillin. For 2026 it expects higher sales volumes in BioSolutions, while the US anti-dumping case on speciality cellulose could affect market dynamics, and the proposed dividend for 2025 is 4.75 NOK per share 1.
SWOT
Strengths
- The company has a solid financial structure, with a high equity ratio after the proposed dividend payout, which provides resources for operations 1. The biorefinery model and near-complete certification of purchased wood are well-documented strengths 1.
- Specialisation in highly sophisticated products and long-standing relationships with customers and suppliers across several regions are important assets 1.
- Products with a low carbon footprint support the company's commercial positioning, and the sustainability report shows progress in emission reduction 1.
Weaknesses
- Average selling prices in BioMaterials are expected to be lower in 2026, which could pressure revenue 1.
- Dependence on specific markets such as speciality cellulose exposes the company to regulatory decisions and competition from outside Europe 1.
- Costs for legal and accounting experts to defend against the US investigation rose, and the company reported these costs above a set level in 2025 1.
Opportunities
- If demand for bio-based and sustainable products continues to grow, it could support higher volumes in BioSolutions, including in agriculture 1.
- Lower wood costs in the first half of 2026 could improve margins if selling prices stabilise 1.
- Higher volumes of highly specialised cellulose grades and fine chemical intermediates could diversify revenue sources 1.
Threats
- An unfavourable final decision in the US anti-dumping case could limit access to the US market for speciality cellulose 1.
- Competition from Asian producers in the construction segment could pressure prices for European producers 1.
- Trade tariffs, conflicts and global economic uncertainty may affect the company's markets and costs 1.
Risks
- US anti-dumping casehigh
Anti-dumping duties on speciality cellulose from Norway could be applied with retroactive effect, and the company has not booked a provision as of year-end 2025 1.
- Selling price pressure in speciality cellulosemedium
Average selling prices are expected to be lower in 2026, partly due to product mix, which could reduce segment revenue 1.
- Competition from Asiamedium
Chinese cellulose ether producers continue to compete in the construction segment, which could limit growth for European customers 1.
- Tariffs and global conflictsmedium
Uncertainty related to tariffs, war and conflicts could affect the company's markets and costs 1.
- Financial supervisory reviewlow
The Norwegian Financial Supervisory Authority issued a notice regarding its review of the company's financial reporting, and the company has also received a notice of decision from the authority 1.
Investment thesis
What would need to be true (bull case)
- If the US investigation concludes without duties, the company could retain its access to the US market for speciality cellulose 1.
- Lower wood costs in 2026 could offset price pressure and support margins 1.
- A solid balance sheet with a high equity ratio offers flexibility for investment and dividend policy 1.
What would break the thesis
- If anti-dumping duties are applied, they could reduce volumes and revenue from speciality cellulose sold in the US 1.
- Lower average selling prices expected for 2026 could erode revenue growth even if volumes increase 1.
- Competition from Asia in the construction segment could limit the company's ability to pass costs on to customers 1.
What to watch
- Preliminary decision on US anti-dumping dutiesMay 2026
- Final decision in the US anti-dumping caseend of 2026
- Development of BioMaterials average selling prices against the expected 3–4% declineQ1 2026
- Approval of the proposed dividend for 2025 at the General Meeting2026
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
Borregaard ASA operates a biorefinery model that makes full use of renewable wood, with 98% of purchased wood PEFC and/or FSC certified in 2025 according to its annual report 1. The group organises its activity around highly specialised products, and its stated strategy is to strengthen its position as a provider of sustainable bio-based solutions 1. The report also highlights product benefits in emission reduction, with lifecycle CO2 savings estimated at 692000 tonnes in 2025 for its lignin and biovanillin products 1.
Segments
BioSolutions
The BioSolutions segment has a forecast sales volume for 2026 of 340000 tonnes, with continued strong sales to agriculture 1. Management expects this segment to remain an important driver of volume growth in the coming year 1.
BioMaterials
The BioMaterials segment, which includes speciality cellulose, has a forecast volume of 155–160000 tonnes for 2026, with highly specialised grades expected to be slightly higher than in 2025 1. Average prices are expected to be 3–4% lower, partly due to product mix, and the outcome of the US anti-dumping case will also shape results 1.
Market context
European cellulose ether producers, major users of speciality cellulose, are expected to keep facing competition from Chinese cellulose ether producers in the construction segment 1. The outcome of the anti-dumping case in the US on speciality cellulose from Norway and Brazil will influence market dynamics in this segment 1. Wood costs about 15% lower in the first half of 2026 could support margins if selling prices hold 1.
Trends
- US anti-dumping caseheadwind
In August 2025, RYAM and the United Steelworkers Union filed petitions with US authorities seeking anti-dumping duties on speciality cellulose from Norway. Borregaard disputes the basis for the allegations, and a preliminary decision is expected at the end of May 2026 1. If duties apply, they could be retroactive for 90 days, which is why no provision was deemed necessary at 31 December 2025 1.
- Wood coststailwind
Wood costs are expected to be lower in the first half of 2026 compared with the same period of 2025, which could ease production cost pressure 1. The effect depends on selling prices, which are expected to be lower in speciality cellulose 1.
- Demand for sustainable bio-based solutionstailwind
The company stresses that its products have a very low climate footprint and offer alternatives to fossil-based products, a sustainability argument that is an important part of its commercial strategy 1. If regulation and customer demand continue to favour such products, the company's position could benefit 1.
- Global economic uncertaintymixed
The annual report warns that tariffs, war and conflicts may affect Borregaard's markets and costs, and the company is monitoring these developments and implementing relevant measures 1. The overall effect remains mixed and depends on the evolution of international trade 1.
Competitive position
In speciality cellulose, competition comes from Chinese cellulose ether producers, who pressure European producers in the construction segment 1. The annual report explicitly names RYAM and the Brazilian producer Bracell as the only other exporters of these products to the US from their respective countries in the anti-dumping case, which points to direct competition in the US market 1.
- RYAMRYAM
Company that in August 2025, together with the United Steelworkers Union, petitioned US authorities for anti-dumping duties on speciality cellulose from Norway and Brazil 1.
- Bracell
Brazilian producer and the only other exporter of these products to the US from Brazil, targeted by the same anti-dumping case 1.
- Chinese cellulose ether producers
Competitors in the construction segment, cited as a pressure on European speciality cellulose producers 1.
- European cellulose ether producers
Major users of speciality cellulose whose market position is affected by Chinese competition 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 / Borregaard 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.