Reported Earnings • Feb 27
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: kr0.04 loss per share (down from kr1.29 profit in FY 2024). Revenue: kr1.13b (down 1.3% from FY 2024). Net loss: kr1.55m (down 103% from profit in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 92%. Revenue is forecast to grow 4.0% p.a. on average during the next 2 years, while revenues in the Basic Materials industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Major Estimate Revision • Feb 25
Consensus EPS estimates fall from profit to kr0.49 loss The consensus outlook for fiscal year 2025 has been updated. Expected to report loss instead of -kr0.49 instead of kr0.59 per share profit previously forecast. Revenue forecast unchanged at kr1.13b Basic Materials industry in Norway expected to see average net income growth of 26% next year. Consensus price target of kr24.00 unchanged from last update. Share price was steady at kr18.05 over the past week. Announcement • Dec 16
Borgestad ASA, Annual General Meeting, May 22, 2026 Borgestad ASA, Annual General Meeting, May 22, 2026. New Risk • Nov 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.3% Last year net profit margin: 2.8% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (202% payout ratio). Profit margins are more than 30% lower than last year (1.3% net profit margin). Market cap is less than US$100m (kr641.6m market cap, or US$63.3m). Reported Earnings • Nov 02
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: kr0.86 (up from kr0.66 in 3Q 2024). Revenue: kr353.5m (down 1.8% from 3Q 2024). Net income: kr30.1m (up 29% from 3Q 2024). Profit margin: 8.5% (up from 6.5% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 6.8%. Earnings per share (EPS) also surpassed analyst estimates by 146%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Basic Materials industry in Europe. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Announcement • Sep 12
Borgestad ASA to Report Fiscal Year 2025 Results on Apr 30, 2026 Borgestad ASA announced that they will report fiscal year 2025 results on Apr 30, 2026 Major Estimate Revision • Sep 03
Consensus EPS estimates fall by 25% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from kr1.13b to kr1.11b. EPS estimate also fell from kr1.08 per share to kr0.81 per share. Net income forecast to grow 1,685% next year vs 32% growth forecast for Basic Materials industry in Norway. Consensus price target of kr24.00 unchanged from last update. Share price was steady at kr17.85 over the past week. Reported Earnings • Aug 22
Second quarter 2025 earnings released: kr0.05 loss per share (vs kr0.54 profit in 2Q 2024) Second quarter 2025 results: kr0.05 loss per share (down from kr0.54 profit in 2Q 2024). Revenue: kr316.2m (down 6.1% from 2Q 2024). Net loss: kr1.59m (down 107% from profit in 2Q 2024). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Basic Materials industry in Europe. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Price Target Changed • Aug 15
Price target increased by 9.1% to kr24.00 Up from kr22.00, the current price target is provided by 1 analyst. New target price is 16% above last closing price of kr20.70. Stock is up 31% over the past year. The company is forecast to post earnings per share of kr1.08 for next year compared to kr1.29 last year. Announcement • Jun 18
Borgestad ASA (OB:BOR) entered into an agreement to acquire Emcotech Ab for SEK 20.5 million. Borgestad ASA (OB:BOR) entered into an agreement to acquire Emcotech Ab for SEK 20.5 million on June 17, 2025. A cash consideration of SEK 10.5 million will be paid by Borgestad ASA. Borgestad ASA will pay an earnout/contingent payment of SEK 10 million cash. As part of consideration, SEK 20.5 million is paid towards common equity of Emcotech Ab. The transaction will be financed through loan commitments from Nordea, consisting of a mortgage facility of SEK 9 million and an overdraft facility of SEK 10 million.
For the period ending December 31, 2024, Emcotech Ab reported total revenue of SEK 45.4 million and EBITDA of SEK 6.4 million.
Closing of the transaction is expected by the end of June 2025, subject to certain customary closing conditions. Price Target Changed • Jun 03
Price target decreased by 8.3% to kr22.00 Down from kr24.00, the current price target is provided by 1 analyst. New target price is 31% above last closing price of kr16.85. Stock is up 5.6% over the past year. The company is forecast to post earnings per share of kr3.68 for next year compared to kr1.29 last year. Announcement • May 28
Borgestad ASA Approves Dividend Borgestad ASA at its Annual general meeting held on May 28, 2025, approved to distribute a dividend of NOK 0.80 per share. Ex. date: 30 May 2025. Reported Earnings • May 23
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: kr0.50 loss per share (further deteriorated from kr0.079 loss in 1Q 2024). Revenue: kr206.5m (down 7.3% from 1Q 2024). Net loss: kr17.6m (loss widened kr14.8m from 1Q 2024). Revenue missed analyst estimates by 8.6%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Basic Materials industry in Europe. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 23
Upcoming dividend of kr0.80 per share Eligible shareholders must have bought the stock before 30 May 2025. Payment date: 05 June 2025. Payout ratio is on the higher end at 92%, however this is supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of Norwegian dividend payers (9.1%). Higher than average of industry peers (2.9%). New Risk • May 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 31% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 31% per year for the foreseeable future. Minor Risk Market cap is less than US$100m (kr599.6m market cap, or US$58.8m). Major Estimate Revision • May 20
Consensus EPS estimates increase by 187%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from kr1.26b to kr1.20b. EPS estimate rose from kr1.42 to kr4.08. Net income forecast to grow 320% next year vs 19% growth forecast for Basic Materials industry in Norway. Consensus price target of kr24.00 unchanged from last update. Share price was steady at kr17.90 over the past week. New Risk • Mar 09
New minor risk - Dividend sustainability The company has a short dividend paying track record. Less than a year of continuous dividend payments. Dividend yield: 4.6% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Market cap is less than US$100m (kr615.3m market cap, or US$56.7m). Reported Earnings • Mar 02
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: kr1.29 (up from kr9.21 loss in FY 2023). Revenue: kr1.17b (up 5.7% from FY 2023). Net income: kr45.2m (up kr123.5m from FY 2023). Profit margin: 3.9% (up from net loss in FY 2023). The move to profitability was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.5%. Revenue is forecast to grow 5.1% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Basic Materials industry in Europe. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has fallen by 48% per year, which means it is significantly lagging earnings. Announcement • Mar 01
Borgestad ASA announces Annual dividend, payable on June 05, 2025 Borgestad ASA announced Annual dividend of NOK 0.8000 per share payable on June 05, 2025, ex-date on May 30, 2025 and record date on June 02, 2025. Major Estimate Revision • Nov 20
Consensus EPS estimates fall by 68%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from kr1.15b to kr1.18b. EPS estimate fell from kr4.09 to kr1.31 per share. Net income forecast to grow 2,613% next year vs 15% growth forecast for Basic Materials industry in Norway. Consensus price target up from kr23.00 to kr24.00. Share price rose 2.8% to kr18.50 over the past week. Price Target Changed • Nov 19
Price target increased by 9.1% to kr24.00 Up from kr22.00, the current price target is provided by 1 analyst. New target price is 27% above last closing price of kr18.90. Stock is up 44% over the past year. The company is forecast to post earnings per share of kr1.31 next year compared to a net loss per share of kr9.21 last year. Announcement • Nov 19
Borgestad ASA, Annual General Meeting, May 28, 2025 Borgestad ASA, Annual General Meeting, May 28, 2025. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: kr0.66 (vs kr9.60 loss in 3Q 2023) Third quarter 2024 results: EPS: kr0.66 (up from kr9.60 loss in 3Q 2023). Revenue: kr359.8m (down 4.5% from 3Q 2023). Net income: kr23.3m (up kr60.4m from 3Q 2023). Profit margin: 6.5% (up from net loss in 3Q 2023). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Basic Materials industry in Europe. Major Estimate Revision • Nov 09
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from kr3.65 to kr4.09. Revenue forecast unchanged at kr1.15b. Net income forecast to grow 90% next year vs 12% growth forecast for Basic Materials industry in Norway. Consensus price target up from kr22.00 to kr23.00. Share price was steady at kr17.10 over the past week. New Risk • Nov 07
New major risk - Revenue and earnings growth Earnings have declined by 9.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 9.8% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 8x increase in shares outstanding). Minor Risk Market cap is less than US$100m (kr603.0m market cap, or US$55.1m). Price Target Changed • Aug 30
Price target increased by 7.8% to kr22.00 Up from kr20.40, the current price target is provided by 1 analyst. New target price is 33% above last closing price of kr16.60. Stock is down 71% over the past year. The company is forecast to post earnings per share of kr3.65 next year compared to a net loss per share of kr9.21 last year. Reported Earnings • Aug 25
Second quarter 2024 earnings released: EPS: kr0.54 (vs kr1.60 in 2Q 2023) Second quarter 2024 results: EPS: kr0.54. Revenue: kr336.7m (up 6.3% from 2Q 2023). Net income: kr21.8m (up 253% from 2Q 2023). Profit margin: 6.5% (up from 2.0% in 2Q 2023). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Basic Materials industry in Europe. New Risk • May 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Norwegian stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (over 8x increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (kr589.0m market cap, or US$56.1m). Reported Earnings • May 22
First quarter 2024 earnings released First quarter 2024 results: Revenue: kr222.8m (up 1.9% from 1Q 2023). Net loss: kr2.77m (down 168% from profit in 1Q 2023). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Basic Materials industry in Europe. New Risk • Feb 23
New major risk - Revenue and earnings growth Earnings have declined by 20% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 20% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 8x increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (kr406.7m market cap, or US$38.6m). Reported Earnings • Feb 18
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: kr0.11 loss per share (improved from kr1.11 loss in FY 2022). Revenue: kr1.14b (up 24% from FY 2022). Net loss: kr36.0m (loss narrowed 71% from FY 2022). Revenue exceeded analyst estimates by 3.4%. Earnings per share (EPS) also surpassed analyst estimates by 52%. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Basic Materials industry in Europe. New Risk • Feb 13
New major risk - Revenue and earnings growth Earnings have declined by 27% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 27% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 8x increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Market cap is less than US$100m (kr409.5m market cap, or US$39.0m). Announcement • Dec 21
Borgestad ASA has completed a Follow-on Equity Offering in the amount of NOK 62.5 million. Borgestad ASA has completed a Follow-on Equity Offering in the amount of NOK 62.5 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 250,000,000
Price\Range: NOK 0.25
Transaction Features: Rights Offering New Risk • Dec 18
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 6x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Shareholders have been substantially diluted in the past year (over 6x increase in shares outstanding). Minor Risk Market cap is less than US$100m (kr311.2m market cap, or US$29.9m). Price Target Changed • Nov 13
Price target decreased by 76% to kr0.38 Down from kr1.60, the current price target is provided by 1 analyst. New target price is 12% above last closing price of kr0.34. Stock is down 77% over the past year. The company is forecast to post a net loss per share of kr0.22 next year compared to a net loss per share of kr1.11 last year. New Risk • Nov 13
New major risk - Revenue and earnings growth Earnings have declined by 27% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Earnings have declined by 27% per year over the past 5 years. Market cap is less than US$10m (kr52.8m market cap, or US$4.75m). Announcement • Nov 09
Borgestad ASA has filed a Follow-on Equity Offering in the amount of NOK 250 million. Borgestad ASA has filed a Follow-on Equity Offering in the amount of NOK 250 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 1,000,000,000
Price\Range: NOK 0.25
Transaction Features: Subsequent Direct Listing Announcement • Nov 08
Borgestad ASA has filed a Follow-on Equity Offering in the amount of NOK 62.5 million. Borgestad ASA has filed a Follow-on Equity Offering in the amount of NOK 62.5 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 250,000,000
Price\Range: NOK 0.25
Transaction Features: Rights Offering New Risk • Nov 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Norwegian stocks, typically moving 22% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Market cap is less than US$10m (kr54.9m market cap, or US$4.90m). Reported Earnings • Nov 07
Third quarter 2023 earnings released: kr0.24 loss per share (vs kr0.02 profit in 3Q 2022) Third quarter 2023 results: kr0.24 loss per share (down from kr0.02 profit in 3Q 2022). Revenue: kr376.8m (up 36% from 3Q 2022). Net loss: kr37.1m (down kr40.3m from profit in 3Q 2022). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Basic Materials industry in Europe. Breakeven Date Change • Nov 01
Forecast to breakeven in 2023 The analyst covering Borgestad expects the company to break even for the first time. New forecast suggests the company will make a profit of kr38.0m in 2023. Earnings growth of 13% is required to achieve expected profit on schedule. Price Target Changed • Nov 01
Price target increased by 13% to kr1.70 Up from kr1.50, the current price target is provided by 1 analyst. New target price is 10% above last closing price of kr1.54. Stock is down 3.8% over the past year. The company is forecast to post earnings per share of kr0.24 next year compared to a net loss per share of kr1.11 last year. Reported Earnings • Aug 18
Second quarter 2023 earnings released: EPS: kr0.04 (vs kr0.051 loss in 2Q 2022) Second quarter 2023 results: EPS: kr0.04 (up from kr0.051 loss in 2Q 2022). Revenue: kr316.7m (up 32% from 2Q 2022). Net income: kr6.18m (up kr16.3m from 2Q 2022). Profit margin: 2.0% (up from net loss in 2Q 2022). Revenue is forecast to stay flat during the next 2 years compared to a 3.3% growth forecast for the Basic Materials industry in Europe. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has fallen by 56% per year, which means it is significantly lagging earnings. Breakeven Date Change • Aug 09
No longer forecast to breakeven The analyst covering Borgestad no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of kr2.00m in 2023. New forecast suggests the company will make a loss of kr13.0m in 2024. New Risk • Aug 08
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: kr101m Forecast net loss in 1 year: kr16m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable next year (kr16m net loss next year). Share price has been volatile over the past 3 months (8.0% average weekly change). Shareholders have been diluted in the past year (35% increase in shares outstanding). Market cap is less than US$100m (kr221.1m market cap, or US$21.5m). Breakeven Date Change • Jun 01
Forecast to breakeven in 2023 The analyst covering Borgestad expects the company to break even for the first time. New forecast suggests the company will make a profit of kr2.00m in 2023. Earnings growth of 148% is required to achieve expected profit on schedule. Major Estimate Revision • May 21
Consensus EPS estimates fall by 109% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -kr0.88 to -kr1.84 per share. Revenue forecast of kr967.0m unchanged since last update. Basic Materials industry in Norway expected to see average net income decline 2.4% next year. Consensus price target down from kr1.70 to kr1.50. Share price rose 4.9% to kr1.40 over the past week. Major Estimate Revision • Feb 17
Consensus EPS estimates fall from profit to kr0.95 loss, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from kr947.0m to kr980.0m. Now expected to report loss of -kr0.95 instead of kr0.08 per share profit. Basic Materials industry in Norway expected to see average net income decline 2.5% next year. Consensus price target of kr1.70 unchanged from last update. Share price was steady at kr1.57 over the past week. Breakeven Date Change • Feb 14
No longer forecast to breakeven The analyst covering Borgestad no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of kr6.00m in 2023. New forecast suggests the company will make a loss of kr12.0m in 2024. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 new directors. No experienced directors. 1 highly experienced director. 2 independent directors (3 non-independent directors). Independent Chairman of the Board Mills Moller is the most experienced director on the board, commencing their role in 2009. Independent Director Anne Sofie Markman was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Breakeven Date Change • Nov 11
Forecast to breakeven in 2023 The analyst covering Borgestad expects the company to break even for the first time. New forecast suggests the company will make a profit of kr6.00m in 2023. Average annual earnings growth of 101% is required to achieve expected profit on schedule. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: kr0.02 (vs kr0.25 loss in 3Q 2021) Third quarter 2022 results: EPS: kr0.02 (up from kr0.25 loss in 3Q 2021). Revenue: kr286.2m (up 1.5% from 3Q 2021). Net income: kr3.13m (up kr6.26m from 3Q 2021). Profit margin: 1.1% (up from net loss in 3Q 2021). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Basic Materials industry in Europe. Price Target Changed • Oct 26
Price target decreased to kr1.70 Down from kr2.20, the current price target is provided by 1 analyst. New target price is 8.3% above last closing price of kr1.57. Stock is down 90% over the past year. The company is forecast to post a net loss per share of kr2.73 next year compared to a net loss per share of kr1.89 last year. Major Estimate Revision • Aug 23
Consensus EPS estimates fall by 57% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from kr958.0m to kr935.0m. Losses expected to increase from kr1.74 per share to kr2.73. Basic Materials industry in Norway expected to see average net income growth of 1.9% next year. Consensus price target of kr2.20 unchanged from last update. Share price fell 3.4% to kr1.99 over the past week. Board Change • Jun 29
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 new directors. No experienced directors. 1 highly experienced director. 2 independent directors (3 non-independent directors). Independent Chairman of the Board Mills Moller is the most experienced director on the board, commencing their role in 2009. Independent Director Anne Sofie Markman was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Recent Insider Transactions • May 24
Chief Executive Officer recently bought kr105k worth of stock On the 19th of May, Pal Larsen bought around 50k shares on-market at roughly kr2.10 per share. This was the largest purchase by an insider in the last 3 months. This was Pal's only on-market trade for the last 12 months. Reported Earnings • May 22
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: kr0.17 loss per share (up from kr1.60 loss in 1Q 2021). Revenue: kr193.9m (up 11% from 1Q 2021). Net loss: kr19.6m (loss narrowed 5.6% from 1Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 67%. Over the next year, revenue is forecast to grow 8.3%, compared to a 8.8% growth forecast for the industry in Norway. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has fallen by 49% per year, which means it is performing significantly worse than earnings. Price Target Changed • Apr 27
Price target decreased to kr3.20 Down from kr15.00, the current price target is provided by 1 analyst. New target price is 57% above last closing price of kr2.04. Stock is down 86% over the past year. The company is forecast to post earnings per share of kr0 next year compared to a net loss per share of kr0.33 last year. Major Estimate Revision • Mar 10
Consensus forecasts updated The consensus outlook for 2022 has been updated. Forecast profits in 2022 with EPS up from -kr0.56 to kr0 per share. Revenue forecast unchanged from last update at kr959.0m. Basic Materials industry in Norway expected to see average net income growth of 19% next year. Consensus price target down from kr15.00 to kr3.20. Share price fell 20% to kr2.71 over the past week. Major Estimate Revision • Feb 25
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from kr969.0m to kr959.0m. 2022 losses expected to reduce from -kr1.04 to -kr0.56 per share. Basic Materials industry in Norway expected to see average net income growth of 24% next year. Consensus price target of kr15.00 unchanged from last update. Share price fell 14% to kr7.68 over the past week. Breakeven Date Change • Feb 22
Forecast to breakeven in 2023 The analyst covering Borgestad expects the company to break even for the first time. New forecast suggests the company will make a profit of kr1.00m in 2023. Average annual earnings growth of 80% is required to achieve expected profit on schedule. Reported Earnings • Feb 19
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: kr0.33 loss per share (up from kr13.03 loss in FY 2020). Revenue: kr944.1m (up 13% from FY 2020). Net loss: kr4.17m (loss narrowed 98% from FY 2020). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 67%. Over the next year, revenue is forecast to grow 2.6%, compared to a 9.7% growth forecast for the industry in Norway. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 48 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Feb 18
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 expected loss increased from -kr0.69 to -kr1.00 per share. Revenue forecast of kr928.0m unchanged since last update. Basic Materials industry in Norway expected to see average net income growth of 23% next year. Consensus price target down from kr17.00 to kr15.00. Share price rose 13% to kr9.26 over the past week. Reported Earnings • Nov 03
Third quarter 2021 earnings released: kr0.25 loss per share (vs kr0.11 profit in 3Q 2020) The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: kr290.7m (up 19% from 3Q 2020). Net loss: kr3.13m (down 325% from profit in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 39 percentage points per year, which is a significant difference in performance. Price Target Changed • Oct 28
Price target decreased to kr17.00 Down from kr19.00, the current price target is provided by 1 analyst. New target price is 7.6% above last closing price of kr15.80. Stock is up 7.9% over the past year. The company is forecast to post a net loss per share of kr0.45 next year compared to a net loss per share of kr13.02 last year. Price Target Changed • Aug 26
Price target increased to kr19.00 Up from kr16.00, the current price target is provided by 1 analyst. New target price is 18% above last closing price of kr16.10. Stock is up 3.5% over the past year. Reported Earnings • Aug 22
Second quarter 2021 earnings released: kr0.55 loss per share (vs kr1.86 profit in 2Q 2020) The company reported a soft second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: kr217.6m (up 5.7% from 2Q 2020). Net loss: kr6.96m (down 130% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 35% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Aug 19
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 expected loss increased from -kr2.43 to -kr2.99 per share. Revenue forecast unchanged at kr900.0m. Basic Materials industry in Norway expected to see average net income growth of 31% next year. Consensus price target up from kr16.00 to kr17.00. Share price fell 4.4% to kr15.20 over the past week. Major Estimate Revision • May 28
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 expected loss increased from -kr2.10 to -kr2.43 per share. Revenue forecast unchanged at kr906.0m. Basic Materials industry in Norway expected to see average net income growth of 27% next year. Consensus price target of kr16.00 unchanged from last update. Share price was steady at kr13.85 over the past week. Reported Earnings • May 24
First quarter 2021 earnings released The company reported a poor first quarter result with increased losses and weaker control over costs, although revenues were flat. First quarter 2021 results: Revenue: kr183.8m (flat on 1Q 2020). Net loss: kr20.8m (loss widened 19% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 38% per year, which means it is performing significantly worse than earnings.