Are the Lows "In" for this Pullback? While we are not yet out of the woods, we continue to see evidence that suggests the lows may be "in" for this pullback. Last week (4/23/24 Compass) we discussed the possibility that further downside was limited on the S&P 500 due to a multitude of reasons (SPX had simply filled 2/22/24 gap support that we had been discussing since late-February, Russell 2000 and Equal-Weighted S&P 500 were holding above key supports, short-term oversold conditions, subdued ...
Our trip to South Korea and China revealed Chinese shipbuilders are seeking growth to take on Korea’s established yards who are facing constraints. An eagerness to add capacity is one of our takeaways, as well as a gloomy outlook for Chinese real estate, which in our view should inevitably weigh on dry bulk demand.
The Q1 results were in line with expectations. While the BioSolutions segment beat our forecast due to higher volumes and prices, the Fine Chemicals segment saw lower deliveries than expected. We expect some of these volumes to revert and boost the Q2 result in Fine Chemicals. The BioMaterials segment was somewhat below our forecast, after a majority of the price negotiations for 2024 have been finalised. Demand appears to be rather strong for specialty cellulose and we thus see upside potential...
Q1 EBITDA was c2% below consensus, with a somewhat soft mix, as Extrusions and Aluminium Metal, the two largest segments, were below forecasts. We have increased our 2024e EPS by 7% on the USD2,600/t spot aluminium price, and 2025–2026e by 2% on the Q1 results. We are 30% below consensus 2025e EBITDA; we do not see enough demand to raise aluminium prices above the marginal producer’s cost, as the price appreciation in recent weeks suggests. We still expect aluminium prices to decline with lower ...
Borregaard ASA: EBITDA1 of NOK 442 million in the 1st quarter Borregaard’s operating revenues reached NOK 1,975 million (NOK 1,850 million)2 in the 1st quarter of 2024. EBITDA1 increased to NOK 442 million (NOK 435 million). The result in BioSolutions increased while results in BioMaterials and Fine Chemicals were lower compared with the 1st quarter of 2023. The result in BioSolutions increased due to higher sales volume and reduced energy costs. In BioMaterials, higher sales volume was more than offset by lower sales prices and higher wood costs. Fine Chemicals had a lower result due to l...
Borregaard ASA: Issuance of Commercial Paper Borregaard ASA has issued a commercial paper ISIN NO0013214874 of NOK 300,000,000. Start date: 18 April, 2024Maturity: 18 June, 2024Coupon: 4,98 %Organised by: DNB Markets Sarpsborg, 17 April 2024 Contact:Director Investor Relations, Knut-Harald Bakke, 164 This information is subject to the disclosure requirements pursuant to Section 5 -12 of the Norwegian Securities Trading Act.
Borregaard ASA: Invitation to Q1 2024 announcement 17 April 2024: Borregaard ASA (”Borregaard”, OSE ticker: BRG) Presentation of Q1 2024 results Borregaard will report first quarter 2024 results on Wednesday 24 April 2024 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 2024 results will also be held at 08:30 CEST at DNB Markets, Dronning Eufemias gate 30, Oslo. Attendance in person is possible. The presentation can be followed live on web-TV at . It will be ...
Borregaard ASA: Shares traded ex-dividend today The shares in Borregaard ASA will be traded ex-dividend of NOK 3.75 per share as from today, 12 April 2024. Borregaard ASASarpsborg, 12 April 2024 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.
We expect Borregaard to report a Q1 EPS of NOK2.0 (results due at 7:00 CET on 24 April), mostly in line with Q1 2023. We estimate the largest YOY change this year to be the absence of a NOK30m–40m loss on synthetic vanillin trading in Q1 2023. However, we expect lower bio-vanillin prices to lead to a corresponding NOK30m–40m lower result this year. Also, somewhat higher wood costs should be largely offset by higher volumes. The most recent comments from Borregaard and its chemical peers have sug...
We have marginally lowered our 2024-2026 estimates (results due at 07:00 CET on 8 May), on the more impactful Red Sea disruptions and the company’s estimated USD5m–10m negative EBITDA effect from the Baltimore bridge collapse. We believe WAWI could further renew its contract portfolio at significantly higher levels and build earnings momentum for the years ahead. So far in 2024, the company has announced USD2.8bn of committed contracts (nearly USD1bn in annual revenues, or 19% of 2023, for the n...
Borregaard ASA: Annual General Meeting held 11 April 2024: 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.
We expect aluminium prices to come down with falling global energy prices, and reiterate our SELL and NOK50 target price. We are 30% below consensus on 2025e EBITDA; we do not see large enough demand to raise aluminium prices above the marginal producer’s cost, as suggested by the price appreciation in recent weeks, we believe. We expect Q1 EBITDA of NOK6.2bn (results due at 7:00 CET on 24 April), driven by high hydropower production volumes in the quarter. We have reduced our 2025–2026e EPS by ...
Borregaard ASA: A-/Stable rating from Scope affirmed Scope Ratings GmbH has affirmed Borregaard ASA’s issuer rating of A-/Stable. The same rating is assigned to the company’s senior unsecured debt.The new rating report from Scope Ratings is attached.Sarpsborg, 2 April 2024 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. Attachment
Borregaard ASA: Notice of Borregaard’s Annual General Meeting 2024 The Annual General Meeting of Borregaard ASA will be held on 11 April 2024 at 13:00 CEST as a digital meeting. The following documents are attached:- Notice of the Annual General Meeting- Report on pay and other remuneration to senior management- Recommendations of the nomination committee Borregaard’s Annual Report 2023 is available at the company’s webpage: . Notice of attendance is required for all shareholders. Deadline for registration of advance votes, proxies and instructions must be received no later than 09.04.20...
Borregaard ASA: Annual Report 2023 Borregaard’s Annual Report for 2023 is published today. A pdf-version and the European Single Electronic Format (ESEF) are attached this notice. Borregaard ASASarpsborg, 21 March 2024 Contacts:Tone Horvei Bredal, Communications Director, 711Lotte Kvinlaug, Investor Relations Officer, This information is subject to the disclosure requirements pursuant to Sections 5-5 and 5-12 of the Norwegian Securities Trading Act. Attachments
Our 17th Annual Energy & Shipping Conference was well attended by investors and industry executives showcasing the still-growing interest for the sectors. Limited yard capacity is fuelling high newbuilding prices and raising freight rate expectations for the vast fleet renewal necessary in the coming decade. Long lead times underpin a bullish supply story for much of shipping in the coming years, albeit exposed to geopolitical risks affecting trade patterns. Our overall impression was general op...
Borregaard ASA: Shares for employees 2024 29 February 2024: Borregaard ASA (“Borregaard”, OSE ticker: BRG) Reference is made to the stock exchange notices of 5 and 12 February regarding the shares to employees’ programme. Today Borregaard transferred in total 165,248 shares to the 435 employees who participated in this year’s programme. After this transfer Borregaard owns 260,888 treasury shares. Contact:Lotte Kvinlaug, Investor Relations Officer,
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