BRG Borregaard

Borregaard ASA: Approval of Bond Prospectus

Borregaard ASA: Approval of Bond Prospectus

On 21 June 2024, the Financial Supervisory Authority of Norway approved the prospectus prepared by Borregaard in connection with the listing on the Oslo Stock Exchange of the Company’s bonds with ISIN NO0012943838.

The Prospectus is available on the company’s website:

Sarpsborg, 2 July 2024

Contact:

Director Investor Relations, Knut-Harald Bakke,

This information is subject to the disclosure requirements pursuant to Section 5 -12 the Norwegian Securities Trading Act.





EN
02/07/2024

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BRGBorregaard

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BRG BORREGAARD

Borregaard ASA: Approval of Bond Prospectus

Borregaard ASA: Approval of Bond Prospectus On 21 June 2024, the Financial Supervisory Authority of Norway approved the prospectus prepared by Borregaard in connection with the listing on the Oslo Stock Exchange of the Company’s bonds with ISIN NO0012943838. The Prospectus is available on the company’s website: Sarpsborg, 2 July 2024 Contact: Director Investor Relations, Knut-Harald Bakke, This information is subject to the disclosure requirements pursuant to Section 5 -12 the Norwegian Securities Trading Act.

July 2, 2024 1 EN
ABGSC Pulp & Paper Research ... (+3)
  • ABGSC Pulp & Paper Research
  • Ali Shemmari
  • Martin Melbye
UPM UPM-KYMMENE OYJ
SCA B SVENSKA CELLULOSA AKTIEBOLAGET CLASS B
STERV STORA ENSO OYJ CLASS R
HUH1V HUHTAMAKI OYJ
METSB METSA BOARD OYJ CLASS B
BILL BILLERUDKORSNAS AB
BRG BORREGAARD
ESSITY B ESSITY AB CLASS B
HOLM B HOLMEN AB CLASS B
NPAPER NORDIC PAPER HOLDING
ELO ELOPAK ASA
NSKOG NORSKE SKOG ASA
06/28/24 June 28, 2024 1 EN
ABGSC Pulp & Paper Research ... (+3)
  • ABGSC Pulp & Paper Research
  • Ali Shemmari
  • Martin Melbye
UPM UPM-KYMMENE OYJ
SCA B Svenska Cellulo... ... (+12)

Costs push prices higher

A long list of price increases as costs push prices higher. Q2e EBIT likely down q-o-q: higher maintenance costs. Smart to buy when macro is low.

UPM UPM-KYMMENE OYJ
SCA B SVENSKA CELLULOSA AKTIEBOLAGET CLASS B
STERV STORA ENSO OYJ CLASS R
HUH1V HUHTAMAKI OYJ
METSB METSA BOARD OYJ CLASS B
BILL BILLERUDKORSNAS AB
BRG BORREGAARD
ESSITY B ESSITY AB CLASS B
HOLM B HOLMEN AB CLASS B
NPAPER NORDIC PAPER HOLDING
ELO ELOPAK ASA
NSKOG NORSKE SKOG ASA
06/28/24 June 28, 2024 1 EN
ABGSC Pulp & Paper Research ... (+3)
  • ABGSC Pulp & Paper Research
  • Ali Shemmari
  • Martin Melbye
BRG BORREGAARD

Q2 preview

Borregaard will report its next quarterly results on 17 July. We reiterate BUY with a TP of NOK 215 (205). Q2'24e EBITDA of ~NOK 500m.

06/28/24 June 28, 2024 1 EN
Niclas Gehin
  • Niclas Gehin
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BRG BORREGAARD

Borregaard (Buy, TP: NOK210.00) - Set for continued earnings growth

We forecast Q2 EBITDA of NOK514m and EPS of NOK2.7 (results due at 07:00 CET on 17 July). We have raised our 2025–2026e EPS by 3% to reflect BioSolutions improvements and are now ~2% above Bloomberg consensus. With the stock trading at a 2025–2026e EV/EBITDA of 9.4x and 10.4x, we continue to see upside potential. We reiterate our BUY and have raised our target price to NOK210 (200).

06/26/24 June 26, 2024 1 EN

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