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BORREGAARD ASA (BRG.OL) Stock Fundamental Analysis

OSL:BRG - Euronext Oslo - NO0010657505 - Common Stock - Currency: NOK

180  +0.8 (+0.45%)

Fundamental Rating

6

We assign a fundamental rating of 6 out of 10 to BRG. BRG was compared to 61 industry peers in the Chemicals industry. Both the health and profitability get an excellent rating, making BRG a very profitable company, without any liquidiy or solvency issues. BRG is valued correctly, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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8

1. Profitability

1.1 Basic Checks

BRG had positive earnings in the past year.
In the past year BRG had a positive cash flow from operations.
Of the past 5 years BRG 4 years were profitable.
BRG had a positive operating cash flow in 4 of the past 5 years.
BRG.OL Yearly Net Income VS EBIT VS OCF VS FCFBRG.OL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500M 1B 1.5B

1.2 Ratios

BRG's Return On Assets of 8.81% is amongst the best of the industry. BRG outperforms 93.65% of its industry peers.
Looking at the Return On Equity, with a value of 15.95%, BRG belongs to the top of the industry, outperforming 87.30% of the companies in the same industry.
Looking at the Return On Invested Capital, with a value of 12.82%, BRG belongs to the top of the industry, outperforming 95.24% of the companies in the same industry.
Measured over the past 3 years, the Average Return On Invested Capital for BRG is significantly above the industry average of 6.72%.
Industry RankSector Rank
ROA 8.81%
ROE 15.95%
ROIC 12.82%
ROA(3y)10.06%
ROA(5y)8.52%
ROE(3y)18.2%
ROE(5y)15.82%
ROIC(3y)13.55%
ROIC(5y)11.68%
BRG.OL Yearly ROA, ROE, ROICBRG.OL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 5 10 15 20

1.3 Margins

BRG has a Profit Margin of 10.87%. This is amongst the best in the industry. BRG outperforms 84.13% of its industry peers.
In the last couple of years the Profit Margin of BRG has grown nicely.
BRG has a Operating Margin of 16.84%. This is amongst the best in the industry. BRG outperforms 90.48% of its industry peers.
BRG's Operating Margin has improved in the last couple of years.
BRG has a better Gross Margin (52.94%) than 85.71% of its industry peers.
In the last couple of years the Gross Margin of BRG has remained more or less at the same level.
Industry RankSector Rank
OM 16.84%
PM (TTM) 10.87%
GM 52.94%
OM growth 3Y12.14%
OM growth 5Y8.5%
PM growth 3Y14.23%
PM growth 5Y4.16%
GM growth 3Y1.01%
GM growth 5Y1.18%
BRG.OL Yearly Profit, Operating, Gross MarginsBRG.OL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 10 20 30 40 50

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7

2. Health

2.1 Basic Checks

BRG has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
BRG has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.
BRG.OL Yearly Shares OutstandingBRG.OL Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 20M 40M 60M 80M
BRG.OL Yearly Total Debt VS Total AssetsBRG.OL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2B 4B 6B 8B

2.2 Solvency

BRG has an Altman-Z score of 4.48. This indicates that BRG is financially healthy and has little risk of bankruptcy at the moment.
Looking at the Altman-Z score, with a value of 4.48, BRG belongs to the top of the industry, outperforming 95.24% of the companies in the same industry.
The Debt to FCF ratio of BRG is 4.07, which is a neutral value as it means it would take BRG, 4.07 years of fcf income to pay off all of its debts.
The Debt to FCF ratio of BRG (4.07) is better than 80.95% of its industry peers.
A Debt/Equity ratio of 0.38 indicates that BRG is not too dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.38, BRG is in the better half of the industry, outperforming 60.32% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.38
Debt/FCF 4.07
Altman-Z 4.48
ROIC/WACC1.6
WACC8.02%
BRG.OL Yearly LT Debt VS Equity VS FCFBRG.OL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 1B 2B 3B 4B

2.3 Liquidity

BRG has a Current Ratio of 1.76. This is a normal value and indicates that BRG is financially healthy and should not expect problems in meeting its short term obligations.
BRG has a Current ratio (1.76) which is comparable to the rest of the industry.
BRG has a Quick Ratio of 1.76. This is a bad value and indicates that BRG is not financially healthy enough and could expect problems in meeting its short term obligations.
BRG has a Quick ratio (0.99) which is in line with its industry peers.
The current and quick ratio evaluation for BRG is rather negative, while it does have excellent solvency and profitability. These ratios do not necessarly indicate liquidity issues and need to be evaluated against the specifics of the business.
Industry RankSector Rank
Current Ratio 1.76
Quick Ratio 0.99
BRG.OL Yearly Current Assets VS Current LiabilitesBRG.OL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 1B 2B 3B

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3

3. Growth

3.1 Past

BRG shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -5.29%.
Measured over the past 5 years, BRG shows a small growth in Earnings Per Share. The EPS has been growing by 5.89% on average per year.
BRG shows a small growth in Revenue. In the last year, the Revenue has grown by 6.80%.
EPS 1Y (TTM)-5.29%
EPS 3Y5.89%
EPS 5YN/A
EPS Q2Q%9.24%
Revenue 1Y (TTM)6.8%
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%8.66%

3.2 Future

Based on estimates for the next years, BRG will show a quite strong growth in Earnings Per Share. The EPS will grow by 12.87% on average per year.
BRG is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 6.72% yearly.
EPS Next Y21.65%
EPS Next 2Y18.15%
EPS Next 3Y12.87%
EPS Next 5YN/A
Revenue Next Year6.71%
Revenue Next 2Y6.28%
Revenue Next 3Y7.64%
Revenue Next 5Y6.72%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
BRG.OL Yearly Revenue VS EstimatesBRG.OL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2B 4B 6B 8B 10B
BRG.OL Yearly EPS VS EstimatesBRG.OL Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2 4 6 8 10

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5

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 21.84, which indicates a rather expensive current valuation of BRG.
Based on the Price/Earnings ratio, BRG is valued a bit cheaper than the industry average as 68.25% of the companies are valued more expensively.
When comparing the Price/Earnings ratio of BRG to the average of the S&P500 Index (29.35), we can say BRG is valued slightly cheaper.
The Price/Forward Earnings ratio is 17.96, which indicates a rather expensive current valuation of BRG.
BRG's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. BRG is cheaper than 60.32% of the companies in the same industry.
BRG is valuated at similar levels of the S&P average when we compare the Price/Forward Earnings ratio to 22.10, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 21.84
Fwd PE 17.96
BRG.OL Price Earnings VS Forward Price EarningsBRG.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of BRG indicates a somewhat cheap valuation: BRG is cheaper than 60.32% of the companies listed in the same industry.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of BRG is on the same level as its industry peers.
Industry RankSector Rank
P/FCF 32.61
EV/EBITDA 11.13
BRG.OL Per share dataBRG.OL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60

4.3 Compensation for Growth

BRG's PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
The excellent profitability rating of BRG may justify a higher PE ratio.
BRG's earnings are expected to grow with 12.87% in the coming years. This may justify a more expensive valuation.
PEG (NY)1.01
PEG (5Y)N/A
EPS Next 2Y18.15%
EPS Next 3Y12.87%

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6

5. Dividend

5.1 Amount

BRG has a Yearly Dividend Yield of 2.37%. Purely for dividend investing, there may be better candidates out there.
BRG's Dividend Yield is a higher than the industry average which is at 2.89.
BRG's Dividend Yield is comparable with the S&P500 average which is at 2.33.
Industry RankSector Rank
Dividend Yield 2.37%

5.2 History

The dividend of BRG is nicely growing with an annual growth rate of 10.23%!
Dividend Growth(5Y)10.23%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

BRG pays out 46.00% of its income as dividend. This is a bit on the high side, but may be sustainable.
The dividend of BRG is growing, but earnings are growing more, so the dividend growth is sustainable.
DP46%
EPS Next 2Y18.15%
EPS Next 3Y12.87%
BRG.OL Yearly Income VS Free CF VS DividendBRG.OL Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 200M -200M 400M 600M 800M
BRG.OL Dividend Payout.BRG.OL Dividend Payout, showing the Payout Ratio.BRG.OL Dividend Payout.PayoutRetained Earnings

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BORREGAARD ASA

OSL:BRG (3/7/2025, 7:00:00 PM)

180

+0.8 (+0.45%)

Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryChemicals
Earnings (Last)01-29 2025-01-29/bmo
Earnings (Next)04-30 2025-04-30
Inst Owners58.78%
Inst Owner ChangeN/A
Ins Owners0.47%
Ins Owner ChangeN/A
Market Cap18.00B
Analysts80
Price Target245.82 (36.57%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.37%
Yearly Dividend3.25
Dividend Growth(5Y)10.23%
DP46%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-2.99%
Min EPS beat(2)-7.32%
Max EPS beat(2)1.34%
EPS beat(4)2
Avg EPS beat(4)0.88%
Min EPS beat(4)-7.32%
Max EPS beat(4)13.84%
EPS beat(8)6
Avg EPS beat(8)4.39%
EPS beat(12)9
Avg EPS beat(12)3.75%
EPS beat(16)13
Avg EPS beat(16)8.08%
Revenue beat(2)0
Avg Revenue beat(2)-4.5%
Min Revenue beat(2)-6.3%
Max Revenue beat(2)-2.7%
Revenue beat(4)1
Avg Revenue beat(4)-0.93%
Min Revenue beat(4)-6.3%
Max Revenue beat(4)5.73%
Revenue beat(8)2
Avg Revenue beat(8)-1.95%
Revenue beat(12)4
Avg Revenue beat(12)-0.12%
Revenue beat(16)8
Avg Revenue beat(16)1.41%
PT rev (1m)4.33%
PT rev (3m)2.99%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-12.69%
EPS NY rev (1m)0%
EPS NY rev (3m)-2.07%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-2.6%
Revenue NY rev (1m)-0.05%
Revenue NY rev (3m)-2.02%
Valuation
Industry RankSector Rank
PE 21.84
Fwd PE 17.96
P/S 2.41
P/FCF 32.61
P/OCF 14.18
P/B 3.53
P/tB 3.58
EV/EBITDA 11.13
EPS(TTM)8.24
EY4.58%
EPS(NY)10.02
Fwd EY5.57%
FCF(TTM)5.52
FCFY3.07%
OCF(TTM)12.69
OCFY7.05%
SpS74.78
BVpS50.98
TBVpS50.22
PEG (NY)1.01
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 8.81%
ROE 15.95%
ROCE 16.84%
ROIC 12.82%
ROICexc 13.13%
ROICexgc 13.26%
OM 16.84%
PM (TTM) 10.87%
GM 52.94%
FCFM 7.38%
ROA(3y)10.06%
ROA(5y)8.52%
ROE(3y)18.2%
ROE(5y)15.82%
ROIC(3y)13.55%
ROIC(5y)11.68%
ROICexc(3y)14.14%
ROICexc(5y)12.16%
ROICexgc(3y)14.34%
ROICexgc(5y)12.34%
ROCE(3y)17.79%
ROCE(5y)15.34%
ROICexcg growth 3Y12.93%
ROICexcg growth 5Y8.44%
ROICexc growth 3Y13.09%
ROICexc growth 5Y8.65%
OM growth 3Y12.14%
OM growth 5Y8.5%
PM growth 3Y14.23%
PM growth 5Y4.16%
GM growth 3Y1.01%
GM growth 5Y1.18%
F-Score8
Asset Turnover0.81
Health
Industry RankSector Rank
Debt/Equity 0.38
Debt/FCF 4.07
Debt/EBITDA 1.07
Cap/Depr 131.8%
Cap/Sales 9.59%
Interest Coverage 250
Cash Conversion 70.38%
Profit Quality 67.9%
Current Ratio 1.76
Quick Ratio 0.99
Altman-Z 4.48
F-Score8
WACC8.02%
ROIC/WACC1.6
Cap/Depr(3y)123.95%
Cap/Depr(5y)123.77%
Cap/Sales(3y)8.56%
Cap/Sales(5y)9.33%
Profit Quality(3y)86.6%
Profit Quality(5y)75%
High Growth Momentum
Growth
EPS 1Y (TTM)-5.29%
EPS 3Y5.89%
EPS 5YN/A
EPS Q2Q%9.24%
EPS Next Y21.65%
EPS Next 2Y18.15%
EPS Next 3Y12.87%
EPS Next 5YN/A
Revenue 1Y (TTM)6.8%
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%8.66%
Revenue Next Year6.71%
Revenue Next 2Y6.28%
Revenue Next 3Y7.64%
Revenue Next 5Y6.72%
EBIT growth 1Y-5.12%
EBIT growth 3Y23.58%
EBIT growth 5Y17.52%
EBIT Next Year44.24%
EBIT Next 3Y20.99%
EBIT Next 5Y14.09%
FCF growth 1Y34.96%
FCF growth 3Y32.75%
FCF growth 5YN/A
OCF growth 1Y63.11%
OCF growth 3Y20.83%
OCF growth 5Y22.88%