Equity Research Report on Borgestad - Bjuv Completed and Margin Target Within Reach
Borgestad ASA (“Borgestad”, “the Group” or “the Company“) is an industrial investment company built around two market-leading assets. The first is a 69.7% stake in Höganäs Borgestad, the Nordic leader in refractory solutions, which includes high-temperature products and installation services that steel, ferroalloy and cement producers rely on, and the only independent Nordic operator spanning the full chain from production to service. The second is full ownership of Agora Bytom, a leading shopping centre in Polish Silesia generating a stable, high-margin income that anchors the Group through the cycle. With refractory revenue growth returning on a lower cost base, Bjuv completed and an extraordinary dividend of NOK 1.50 per share paid in November 2026, the case has moved from recovery to capital returns, while the property underpins the downside. On a SOTP basis, Analyst Group derives a justified value of NOK 22.6 per share (21.1) in a Base scenario.
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This is a press release from Analyst Group regarding the publication of an equity research report on Borgestad. Readers may assume that Analyst Group has received compensation for making the equity research report. The Company has not been given an opportunity to influence the parts where Analyst Group has had opinions about the Company, future valuation, or anything else that could be considered a subjective assessment.