Borregaard Valuation

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

BRG (NOK196) is trading below our estimate of [[fair value]] (NOK231.53)

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

Valuation Score

2/6

Valuation Score 2/6

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 BRG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BRG (NOK196) is trading below our estimate of fair value (NOK231.53)

Significantly Below Fair Value: BRG is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for BRG. This is calculated by dividing BRG's market cap by their current preferred multiple.
What is BRG's n/a Ratio?
n/a	0x
n/a	n/a
Market Cap	NOK 19.57b

BRG key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	3x
Enterprise Value/EBITDA	12.9x
PEG Ratio	1.9x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for BRG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	23.8x
ELO Elopak	11.5x	1.4%	NOK 9.7b
RBT Robertet	22.7x	13.0%	€1.7b
189 Dongyue Group	19.1x	35.7%	HK$14.5b
500405 Supreme Petrochem	42x	28.6%	₹145.7b
BRG Borregaard	23.3x	12.0%	NOK 19.6b

Price-To-Earnings vs Peers: BRG is good value based on its Price-To-Earnings Ratio (23.3x) compared to the peer average (23.8x).

Price to Earnings Ratio vs Industry

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

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	50.9%
	n/a	n/a	n/a

Fetching data

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	50.9%
	n/a	n/a	n/a

No more companies

Price-To-Earnings vs Industry: BRG is expensive based on its Price-To-Earnings Ratio (23.3x) compared to the European Chemicals industry average (18.6x).

Price to Earnings Ratio vs Fair Ratio

What is BRG'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.

BRG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	23.3x
Fair PE Ratio	13.4x

Price-To-Earnings vs Fair Ratio: BRG is expensive based on its Price-To-Earnings Ratio (23.3x) compared to the estimated Fair Price-To-Earnings Ratio (13.4x).

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 BRG forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	NOK 196.00	NOK 211.00 +7.7%	12.7%	NOK 244.00	NOK 170.00	n/a	4
Jun ’25	NOK 192.40	NOK 202.75 +5.4%	10.2%	NOK 221.00	NOK 170.00	n/a	4
May ’25	NOK 190.40	NOK 202.75 +6.5%	10.2%	NOK 221.00	NOK 170.00	n/a	4
Apr ’25	NOK 189.20	NOK 199.00 +5.2%	10.5%	NOK 221.00	NOK 165.00	n/a	4
Mar ’25	NOK 185.80	NOK 199.00 +7.1%	10.5%	NOK 221.00	NOK 165.00	n/a	4
Feb ’25	NOK 185.00	NOK 188.50 +1.9%	9.3%	NOK 210.00	NOK 165.00	n/a	4
Jan ’25	NOK 171.40	NOK 183.50 +7.1%	7.1%	NOK 200.00	NOK 165.00	n/a	4
Dec ’24	NOK 173.00	NOK 182.25 +5.3%	8.1%	NOK 200.00	NOK 160.00	n/a	4
Nov ’24	NOK 154.20	NOK 186.50 +20.9%	8.4%	NOK 200.00	NOK 160.00	n/a	4
Oct ’24	NOK 158.00	NOK 184.00 +16.5%	8.6%	NOK 200.00	NOK 160.00	n/a	4
Sep ’24	NOK 155.60	NOK 184.00 +18.3%	8.6%	NOK 200.00	NOK 160.00	n/a	4
Aug ’24	NOK 164.40	NOK 184.00 +11.9%	8.6%	NOK 200.00	NOK 160.00	n/a	4
Jul ’24	NOK 158.80	NOK 183.25 +15.4%	13.3%	NOK 208.00	NOK 145.00	n/a	4
Jun ’24	NOK 184.60	NOK 188.25 +2.0%	13.4%	NOK 208.00	NOK 145.00	NOK 192.40	4
May ’24	NOK 178.20	NOK 184.75 +3.7%	14.0%	NOK 200.00	NOK 140.00	NOK 190.40	4
Apr ’24	NOK 174.80	NOK 184.75 +5.7%	14.0%	NOK 200.00	NOK 140.00	NOK 189.20	4
Mar ’24	NOK 178.40	NOK 184.75 +3.6%	14.0%	NOK 200.00	NOK 140.00	NOK 185.80	4
Feb ’24	NOK 160.40	NOK 173.25 +8.0%	13.6%	NOK 200.00	NOK 140.00	NOK 185.00	4
Jan ’24	NOK 152.00	NOK 173.25 +14.0%	13.6%	NOK 200.00	NOK 140.00	NOK 171.40	4
Dec ’23	NOK 161.00	NOK 173.25 +7.6%	13.6%	NOK 200.00	NOK 140.00	NOK 173.00	4
Nov ’23	NOK 141.80	NOK 173.25 +22.2%	13.6%	NOK 200.00	NOK 140.00	NOK 154.20	4
Oct ’23	NOK 128.60	NOK 190.00 +47.7%	20.7%	NOK 250.00	NOK 150.00	NOK 158.00	4
Sep ’23	NOK 148.40	NOK 190.00 +28.0%	20.7%	NOK 250.00	NOK 150.00	NOK 155.60	4
Aug ’23	NOK 175.00	NOK 210.00 +20.0%	16.1%	NOK 250.00	NOK 160.00	NOK 164.40	4
Jul ’23	NOK 161.00	NOK 220.00 +36.6%	11.6%	NOK 250.00	NOK 180.00	NOK 158.80	4
Jun ’23	NOK 187.20	NOK 226.25 +20.9%	12.8%	NOK 260.00	NOK 180.00	NOK 184.60	4

Analyst Forecast: Target price is less than 20% higher than the current share price.