Borregaard ASA

DB:BO4 Stock Report

Market Cap: €1.6b

Borregaard Valuation

Is BO4 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of BO4 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BO4 (€15.5) is trading above our estimate of fair value (€5.74)

Significantly Below Fair Value: BO4 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BO4?

Key metric: As BO4 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for BO4. This is calculated by dividing BO4's market cap by their current earnings.
What is BO4's PE Ratio?
PE Ratio22.4x
EarningsNOK 813.00m
Market CapNOK 18.19b

Price to Earnings Ratio vs Peers

How does BO4's PE Ratio compare to its peers?

The above table shows the PE ratio for BO4 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average21.6x
ACT AlzChem Group
12.1x12.6%€608.5m
WCH Wacker Chemie
28.8x37.0%€3.6b
EVK Evonik Industries
35.4x33.1%€8.1b
UZU Uzin Utz
10.2x2.1%€244.1m
BO4 Borregaard
22.4x13.5%€18.2b

Price-To-Earnings vs Peers: BO4 is expensive based on its Price-To-Earnings Ratio (22.4x) compared to the peer average (21.6x).

Price to Earnings Ratio vs Industry

How does BO4's PE Ratio compare vs other companies in the European Chemicals Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
BO4 22.4xIndustry Avg. 16.8xNo. of Companies11PE01224364860+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BO4 is expensive based on its Price-To-Earnings Ratio (22.4x) compared to the European Chemicals industry average (16.8x).

Price to Earnings Ratio vs Fair Ratio

What is BO4's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BO4 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio22.4x
Fair PE Ratio14.2x

Price-To-Earnings vs Fair Ratio: BO4 is expensive based on its Price-To-Earnings Ratio (22.4x) compared to the estimated Fair Price-To-Earnings Ratio (14.2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BO4 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€15.50
€19.32
+24.6%
1.7%€19.68€18.83n/a4
Nov ’25€16.08
€19.11
+18.8%
1.7%€19.44€18.60n/a4
Oct ’25€16.66
€17.62
+5.7%
9.8%€19.35€14.79n/a4
Sep ’25€16.46
€17.62
+7.0%
9.8%€19.35€14.79n/a4
Aug ’25€15.62
€17.44
+11.7%
10.9%€19.27€14.31n/a4
Jul ’25€16.82
€18.50
+10.0%
12.7%€21.39€14.90n/a4
Jun ’25€16.76
€17.19
+2.6%
10.2%€18.74€14.41n/a4
May ’25€15.96
€17.19
+7.7%
10.2%€18.74€14.41n/a4
Apr ’25€15.86
€17.52
+10.5%
10.5%€19.46€14.53n/a4
Mar ’25€15.80
€17.52
+10.9%
10.5%€19.46€14.53n/a4
Feb ’25€15.54
€16.59
+6.8%
9.3%€18.48€14.52n/a4
Jan ’25€15.14
€15.64
+3.3%
7.1%€17.04€14.06n/a4
Dec ’24€14.78
€15.41
+4.2%
8.1%€16.91€13.52n/a4
Nov ’24€12.66
€15.76
+24.5%
8.4%€16.90€13.52€16.084
Oct ’24€13.68
€16.53
+20.8%
8.6%€17.96€14.37€16.664
Sep ’24€13.28
€16.53
+24.4%
8.6%€17.96€14.37€16.464
Aug ’24€14.64
€16.53
+12.9%
8.6%€17.96€14.37€15.624
Jul ’24€13.56
€15.61
+15.1%
13.3%€17.72€12.35€16.824
Jun ’24€15.36
€16.01
+4.2%
13.4%€17.69€12.33€16.764
May ’24€15.02
€16.90
+12.5%
14.0%€18.30€12.81€15.964
Apr ’24€15.14
€16.90
+11.6%
14.0%€18.30€12.81€15.864
Mar ’24€15.88
€16.90
+6.4%
14.0%€18.30€12.81€15.804
Feb ’24€14.94
€16.82
+12.6%
13.6%€19.42€13.59€15.544
Jan ’24€14.36
€16.82
+17.1%
13.6%€19.42€13.59€15.144
Dec ’23€15.08
€16.82
+11.6%
13.6%€19.42€13.59€14.784
Nov ’23€13.46
€16.82
+25.0%
13.6%€19.42€13.59€12.664

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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