reports
- Niclas Gehin
Borregaard (Buy, TP: NOK230.00) - Agricultural products boost Q1 EPS
The solid Q1 results included a 6% EBITDA beat, led by record-high sales and profits from growing agricultural product sales – management said the underlying trend was driven by demand for ‘green’ food production products. Our 2026–2027e EPS are largely unchanged (tweaked by c1%) as the USD depreciation and lowered bioethanol price guidance largely offset the higher agricultural product sales. We still see this as an attractive entry point, and reiterate our BUY and NOK230 target price.
- ABGSC Pulp & Paper Research
- Henrik Bartnes
- Martin Melbye
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Martin Melbye
Borregaard ASA: EBITDA1 of NOK 511 million in the 1st quarter
Borregaard ASA: EBITDA1 of NOK 511 million in the 1st quarter Borregaard’s operating revenues increased to NOK 2,036 million (NOK 1,975 million)2 in the 1st quarter of 2025. EBITDA1 reached NOK 511 million (NOK 442 million). The result in BioSolutions increased, BioMaterials had a result in line with the corresponding quarter last year and Fine Chemicals had a lower result. Strong sales to agriculture were the main reason for the all-time high result in BioSolutions. For BioMaterials, higher sales prices were offset by lower sales volume, increased wood costs, and cost increases in general...
- Niclas Gehin
Norsk Hydro (Sell, TP: NOK55.00) - Q1 shipments delayed to Q2
Norsk Hydro’s Q1 results fell somewhat short of market expectations (EBITDA 4% below consensus) and it cut its Extrusions guidance. A large share of the miss appears to reflect late shipments in the bauxite and alumina (B&A) segment following heavy rainfall, which should mean higher volumes in Q2. We have made only minor changes (-1–0%) to our 2026–2027e EPS. We continue to see downside risk to aluminium prices, and reiterate our SELL and NOK55 target price.
- ABGSC Metals & Mining Research
- Bengt Jonassen
- Martin Melbye
- ABGSC Metals & Mining Research
- Bengt Jonassen
- Martin Melbye
- ABGSC Metals & Mining Research
- Bengt Jonassen
- Martin Melbye
- Jørgen Lian
Wallenius Wilhelmsen ASA (Buy, TP: NOK91.00) - Solid value in troublin...
Challenging times for the car carriers is reflected in depressed equity valuations. We believe a considerable backlog to derisk the investment over time, and potential upside on any respite in peaking trade tensions, make for an attractive investment case. We reiterate our BUY, but have cut our target price to NOK91 (115).
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
Borregaard ASA: Invitation to Q1 2025 announcement
Borregaard ASA: Invitation to Q1 2025 announcement 23 April 2025: Borregaard ASA (”Borregaard”, OSE ticker: BRG) Presentation of Q1 2025 results Borregaard will report first quarter 2025 results on Wednesday 30 April 2025 at 07:00 CEST. A stock exchange announcement will be made. A press release, the quarterly report and a presentation will be made available on . A presentation of the first quarter 2025 results will also be held at 08:30 CEST at SEB, Filipstadveien 10, Bygg B, Oslo. Attendance in person is possible. The presentation can be followed live on web-TV at . It will be possible...
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- Jørgen Lian
Another abrupt change
The US Trade Representative on 17 April published revised US port fees with significant changes to the initial proposal based on industry feedback. In its current form, the fees will primarily discourage use of Chinese-controlled maritime trade services to the US, and directly affect the use of Chinese-built vessels in US ports (with several considerable exemptions to avoid harm to US trade). The previous broader fees based on fleet composition and share of Chinese-built vessels has been scrappe...
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ODF ODFJELL ASA
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
WWI WILHELM WILHELMSEN HOLDING
SBLK STAR BULK CARRIERS CORP.
FRO FRONTLINE LTD.
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AMSC AMERICAN SHIPPING COMPANY ASA
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STNG SCORPIO TANKERS INC.
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TNK TEEKAY TANKERS
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Borregaard ASA: Shares traded ex-dividend today
Borregaard ASA: Shares traded ex-dividend today The shares in Borregaard ASA will be traded ex-dividend of NOK 4.25 per share as from today, 11 April 2025. Borregaard ASASarpsborg, 11 April 2025 Contact:Lotte Kvinlaug, Investor Relations Officer, This information is subject to the disclosure requirements pursuant to Section 5 -12 of the Norwegian Securities Trading Act.
Borregaard ASA: Issuance of Commercial Paper
Borregaard ASA: Issuance of Commercial Paper Borregaard ASA has issued a commercial paper ISIN NO0013536136 of NOK 200,000,000. Start date: 14 April, 2025Maturity: 14 October, 2025Coupon: 4.89 %Organised by: DNB Markets Sarpsborg, 10 April 2025 Contact:Director Investor Relations, Knut-Harald Bakke, This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
Borregaard ASA: Annual General Meeting held
Borregaard ASA: Annual General Meeting held 10 April 2025: Borregaard ASA (”Borregaard”, OSE ticker: BRG) Borregaard’s Annual General Meeting today adopted all items as proposed on the agenda. The minutes and the list of attendants are available on . Contact:Lotte Kvinlaug, Investor Relations Officer, This information is subject to the disclosure requirements pursuant to the Norwegian Securities Trading Act § 5-12 and the Public Limited Company Act § 5-11b item 4.
- Niclas Gehin
Borregaard (Buy, TP: NOK230.00) - Specialisation provides resilience
We forecast Q1 EBITDA of NOK471m, reflecting muted growth in all segments except BioMaterials, where we see support from an 11% YOY increase in sales prices. The recent appreciation of the NOK has weighed on earnings estimates, along with softer end-markets, thus we have lowered our 2026–2027e EPS by 3%. We reiterate our BUY but have reduced our target price to NOK230 (240).
- ABGSC Metals & Mining Research
- Bengt Jonassen
- Martin Melbye
- ABGSC Shipping & Transport Research
- Martin Mauseth
- Oliver Dunvold
- Petter Haugen
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Martin Melbye
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