New Risk • May 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: 7.2% Last year net profit margin: 11% 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. This is currently the only risk that has been identified for the company. Reported Earnings • May 02
First quarter 2026 earnings released: EPS: kr1.82 (vs kr2.52 in 1Q 2025) First quarter 2026 results: EPS: kr1.82 (down from kr2.52 in 1Q 2025). Revenue: kr2.01b (down 1.5% from 1Q 2025). Net income: kr182.0m (down 28% from 1Q 2025). Profit margin: 9.1% (down from 12% in 1Q 2025). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 7.2% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 6% per year. Upcoming Dividend • Apr 10
Upcoming dividend of kr4.75 per share Eligible shareholders must have bought the stock before 17 April 2026. Payment date: 27 April 2026. Payout ratio and cash payout ratio are on the higher end at 76% and 84% respectively. Trailing yield: 2.7%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (3.9%). Declared Dividend • Feb 06
Dividend increased to kr4.75 Dividend of kr4.75 is 12% higher than last year. Ex-date: 17th April 2026 Payment date: 27th April 2026 Dividend yield will be 2.8%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (76% earnings payout ratio) and cash flows (84% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 75% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 05
Full year 2025 earnings released: EPS: kr6.22 (vs kr8.26 in FY 2024) Full year 2025 results: EPS: kr6.22 (down from kr8.26 in FY 2024). Revenue: kr7.71b (up 1.3% from FY 2024). Net income: kr620.0m (down 25% from FY 2024). Profit margin: 8.0% (down from 11% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 15% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Duyuru • Feb 04
Borregaard ASA Proposes Ordinary Dividend for 2025, Payable on 27 April 2026 The Board of Directors of Borregaard ASA at a meeting on 3 February 2026 decided to propose an ordinary dividend for 2025 of NOK 4.75 per share to the Annual General Meeting. Dividend payment is estimated at NOK 474 million. The exact amount will depend on the number of treasury shares held at the date of the Annual General Meeting. No dividend will be paid on treasury shares held by the Borregaard Group. Provided that the traded shares are subject to ordinary settlement in the Norwegian Securities Register (VPS), shares acquired up to and including 16 April 2026 will carry the right to receive dividends, whereas shares that are acquired on and after 17 April 2026 will not carry the right to receive dividends. Subject to the decision of the Annual General Meeting, the dividend will be paid on 27 April 2026 to shareholders registered in the company’s shareholders’ register as evidenced in a transcript as of 20 April 2026. The share will be quoted ex dividend on 17 April 2026. The Annual General Meeting of Borregaard ASA will be held on Thursday 16 April 2026 at 1 p.m. (13:00 CEST) in Sarpsborg as a digital meeting. Board Change • Dec 15
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 4 highly experienced directors. Independent Director John Ulvan was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Duyuru • Sep 27
Borregaard Announces NOK 15 Million Award for Biomer Project to Develop Bio-Based Alternatives to Polycarboxylates The Norwegian Research Council has awarded NOK 15 million to support Borregaard’s innovation initiative, Biomer. The project aims to develop bio-based alternatives to polycarboxylates – fossil-based polymers commonly used in agriculture, industry, and household products. Polycarboxylates are known for their persistence in the environment and high carbon footprint. Through Biomer, Borregaard will develop new ways to turn Norwegian bioresources into greener polymers designed to replace these fossil-based materials. The project will leverage Borregaard’s advanced biorefinery in Sarpsborg and its expertise in wood chemistry to deliver sustainable solutions with significantly lower environmental impact. New Risk • Jul 17
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 41% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (41% net debt to equity). Dividend is not well covered by cash flows (91% cash payout ratio). Reported Earnings • Jul 17
Second quarter 2025 earnings released: EPS: kr2.56 (vs kr2.45 in 2Q 2024) Second quarter 2025 results: EPS: kr2.56 (up from kr2.45 in 2Q 2024). Revenue: kr2.05b (up 4.9% from 2Q 2024). Net income: kr255.0m (up 4.5% from 2Q 2024). Profit margin: 13% (in line with 2Q 2024). Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 15% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 5% per year. Buy Or Sell Opportunity • Jul 16
Now 23% undervalued Over the last 90 days, the stock has risen 20% to kr197. The fair value is estimated to be kr255, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last 3 years, while earnings per share has been flat. Duyuru • Jun 13
Borregaard ASA Announces Change in Group Executive Management, Effective August 1, 2025 Knut-Harald Bakke has been appointed EVP BioSolutions, effective 1 August 2025. He will also join the Group Executive Management on the same date. Bakke succeeds Tom Erik Foss-Jacobsen, who will assume the role of CEO on 1 August. Bakke currently serves as Director of Investor Relations and has previously held the position of Energy Director at Borregaard. Prior to joining the company in 2019, he held senior leadership roles at Norsk Hydro, where he was responsible for global energy market operations. He holds an MSc in Industrial Economics and Technology Management from the Norwegian University of Science and Technology (NTNU). Borregaard will initiate a process to appoint a new Director of Investor Relations. In the interim, CFO Per Bjarne Lyngstad will assume the responsibility from 1 August. Recent Insider Transactions • Jun 02
Independent Director recently bought kr376k worth of stock On the 27th of May, John Ulvan bought around 2k shares on-market at roughly kr188 per share. This transaction amounted to 57% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr752k more in shares than they have sold in the last 12 months. Recent Insider Transactions • May 30
Independent Director recently bought kr376k worth of stock On the 27th of May, John Ulvan bought around 2k shares on-market at roughly kr188 per share. This transaction amounted to 57% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr752k more in shares than they have sold in the last 12 months. Reported Earnings • May 02
First quarter 2025 earnings released: EPS: kr2.52 (vs kr2.01 in 1Q 2024) First quarter 2025 results: EPS: kr2.52 (up from kr2.01 in 1Q 2024). Revenue: kr2.04b (up 3.1% from 1Q 2024). Net income: kr251.0m (up 26% from 1Q 2024). Profit margin: 12% (up from 10% in 1Q 2024). Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 4.3% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 1% per year. Upcoming Dividend • Apr 04
Upcoming dividend of kr4.25 per share Eligible shareholders must have bought the stock before 11 April 2025. Payment date: 23 April 2025. Payout ratio is a comfortable 51% but the company is paying out more than the cash it is generating. Trailing yield: 2.6%. Lower than top quartile of British dividend payers (6.2%). Lower than average of industry peers (4.7%). Reported Earnings • Mar 23
Full year 2024 earnings released: EPS: kr8.26 (vs kr8.73 in FY 2023) Full year 2024 results: EPS: kr8.26 (down from kr8.73 in FY 2023). Revenue: kr7.62b (up 6.8% from FY 2023). Net income: kr823.0m (down 5.4% from FY 2023). Profit margin: 11% (down from 12% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 4.2% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 1% per year. Declared Dividend • Jan 31
Dividend increased to kr4.25 Dividend of kr4.25 is 13% higher than last year. Ex-date: 11th April 2025 Payment date: 23rd April 2025 Dividend yield will be 2.1%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (52% earnings payout ratio) but not covered by cash flows (119% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 52% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 30
Full year 2024 earnings released: EPS: kr8.25 (vs kr8.73 in FY 2023) Full year 2024 results: EPS: kr8.25 (down from kr8.73 in FY 2023). Revenue: kr7.62b (up 6.8% from FY 2023). Net income: kr823.0m (down 5.4% from FY 2023). Profit margin: 11% (down from 12% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 3.4% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 1% per year. Duyuru • Jan 29
Borregaard Asa Proposes Ordinary Dividend for 2024, Payable on 23 April 2025 At a meeting on 30 January 2024, the Board of Directors of Borregaard ASA decided to propose to the Annual General Meeting an ordinary dividend for 2024 of NOK 4.25 per share. Ex-date: 11 April 2025. Record date: 14 April 2025. Payment date: 23 April 2025. Date of approval: 10 April 2025. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: kr2.51 (vs kr2.38 in 3Q 2023) Third quarter 2024 results: EPS: kr2.51 (up from kr2.38 in 3Q 2023). Revenue: kr1.95b (up 14% from 3Q 2023). Net income: kr250.0m (up 5.5% from 3Q 2023). Profit margin: 13% (down from 14% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 6.2% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Duyuru • Sep 20
Borregaard ASA, Annual General Meeting, Apr 10, 2025 Borregaard ASA, Annual General Meeting, Apr 10, 2025. Reported Earnings • Jul 18
Second quarter 2024 earnings released: EPS: kr2.45 (vs kr2.84 in 2Q 2023) Second quarter 2024 results: EPS: kr2.45 (down from kr2.84 in 2Q 2023). Revenue: kr1.95b (flat on 2Q 2023). Net income: kr244.0m (down 14% from 2Q 2023). Profit margin: 13% (down from 14% in 2Q 2023). Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 6.9% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 4 highly experienced directors. Independent Director John Ulvan was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: kr2.01 (vs kr2.32 in 1Q 2023) First quarter 2024 results: EPS: kr2.01 (down from kr2.32 in 1Q 2023). Revenue: kr1.98b (up 6.8% from 1Q 2023). Net income: kr200.0m (down 13% from 1Q 2023). Profit margin: 10% (down from 13% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 2.4% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 05
Upcoming dividend of kr3.75 per share Eligible shareholders must have bought the stock before 12 April 2024. Payment date: 22 April 2024. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of British dividend payers (5.9%). Lower than average of industry peers (2.9%). Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: kr8.73 (vs kr8.95 in FY 2022) Full year 2023 results: EPS: kr8.73 (down from kr8.95 in FY 2022). Revenue: kr7.13b (up 3.6% from FY 2022). Net income: kr870.0m (down 2.5% from FY 2022). Profit margin: 12% (in line with FY 2022). Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 3.5% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Feb 07
Now 21% undervalued Over the last 90 days, the stock has risen 9.3% to kr176. The fair value is estimated to be kr224, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings are also forecast to grow by 9.2% per annum over the same time period. Declared Dividend • Feb 02
Dividend increased to kr3.75 Dividend of kr3.75 is 15% higher than last year. Ex-date: 12th April 2024 Payment date: 22nd April 2024 Dividend yield will be 2.0%, which is lower than the industry average of 3.0%. Sustainability & Growth Dividend is well covered by both earnings (43% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 30% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 01
Full year 2023 earnings released: EPS: kr8.73 (vs kr8.95 in FY 2022) Full year 2023 results: EPS: kr8.73 (down from kr8.95 in FY 2022). Revenue: kr7.13b (up 3.6% from FY 2022). Net income: kr870.0m (down 2.5% from FY 2022). Profit margin: 12% (in line with FY 2022). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.4% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Duyuru • Jan 31
Borregaard ASA Proposes Cash Dividend for 2023, Payable on 22 April 2024 At a meeting on 30 January 2024, the Board of Directors of Borregaard ASA decided to propose to the Annual General Meeting an ordinary dividend for 2023 of NOK 3.75 per share. Ex-date: 12 April 2024. Record date: 15 April 2024. Payment date: 22 April 2024. Date of approval: 11 April 2024. Duyuru • Nov 29
Borregaard ASA (OB:BRG) commences an Equity Buyback Plan for 10% of its issued share capital, under the authorization approved from April 18, 2023. Borregaard ASA (OB:BRG) commences share repurchases on November 20, 2023, under the program mandated by the shareholders in the Annual General Meeting held on April 18, 2023. As per the mandate, the company is authorized to repurchase up to a total nominal value of NOK 10 million, corresponding to 10% of the share capital. The shares will be repurchased at a price not more than NOK 400 per share and no less than NOK 1 per share. The company may repurchase and dispose of its own shares to fulfil its incentive schemes. The repurchases will be used for amortization. The plan will be valid up to the 2024 Annual General Meeting, but no later than June 30, 2024.
On November 17, 2023, the company announced its intention of repurchasing 200,000 shares of its outstanding common stock. The repurchase of shares will be conducted in a period from November 20, 2023, up to and including December 20, 2023 at the latest. Reported Earnings • Oct 25
Third quarter 2023 earnings released: EPS: kr2.38 (vs kr2.40 in 3Q 2022) Third quarter 2023 results: EPS: kr2.38 (down from kr2.40 in 3Q 2022). Revenue: kr1.71b (down 2.2% from 3Q 2022). Net income: kr237.0m (flat on 3Q 2022). Profit margin: 14% (in line with 3Q 2022). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 6.0% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. New Risk • Jul 19
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 43% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 19
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr1.96b (up 13% from 2Q 2022). Net income: kr283.0m (up 12% from 2Q 2022). Profit margin: 14% (in line with 2Q 2022). Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 7.5% decline forecast for the Chemicals industry in the United Kingdom. Buying Opportunity • Jun 12
Now 20% undervalued Over the last 90 days, the stock is up 7.5%. The fair value is estimated to be kr229, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 32%. Revenue is forecast to grow by 11% in 2 years. Earnings is forecast to grow by 6.5% in the next 2 years. Buying Opportunity • May 26
Now 20% undervalued Over the last 90 days, the stock is up 3.4%. The fair value is estimated to be kr231, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 32%. Revenue is forecast to grow by 11% in 2 years. Earnings is forecast to grow by 6.5% in the next 2 years. Reported Earnings • May 03
First quarter 2023 earnings released: EPS: kr2.32 (vs kr2.18 in 1Q 2022) First quarter 2023 results: EPS: kr2.32 (up from kr2.18 in 1Q 2022). Revenue: kr1.85b (up 15% from 1Q 2022). Net income: kr231.0m (up 6.5% from 1Q 2022). Profit margin: 13% (in line with 1Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 2.3% growth forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 12
Upcoming dividend of kr3.25 per share at 1.9% yield Eligible shareholders must have bought the stock before 19 April 2023. Payment date: 27 April 2023. Payout ratio is a comfortable 36% but the company is paying out more than the cash it is generating. Trailing yield: 1.9%. Lower than top quartile of British dividend payers (5.9%). Lower than average of industry peers (2.4%). Reported Earnings • Feb 05
Full year 2022 earnings released: EPS: kr8.95 (vs kr6.95 in FY 2021) Full year 2022 results: EPS: kr8.95 (up from kr6.95 in FY 2021). Revenue: kr6.88b (up 19% from FY 2021). Net income: kr892.0m (up 29% from FY 2021). Profit margin: 13% (up from 12% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr179, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 20x in the Chemicals industry in the United Kingdom. Total returns to shareholders of 96% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr78.03 per share. Duyuru • Feb 02
Borregaard ASA Proposes Ordinary Dividend for 2022, Payable on 27 April 2023 At a meeting on 1 February 2023, the Board of Directors of Borregaard ASA decided to propose to the Annual General Meeting an ordinary dividend for 2022 of NOK 3.25 per share. Ex-date: 19 April 2023; Record date: 20 April 2023; Payment date: 27 April 2023; Date of approval: 18 April 2023. Recent Insider Transactions • Dec 11
Independent Chairman recently bought kr95k worth of stock On the 9th of December, Helge Aasen bought around 600 shares on-market at roughly kr159 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr217k. This was Helge's only on-market trade for the last 12 months. Recent Insider Transactions • Dec 11
Independent Chairman recently bought kr95k worth of stock On the 9th of December, Helge Aasen bought around 600 shares on-market at roughly kr159 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr217k. This was Helge's only on-market trade for the last 12 months. Recent Insider Transactions • Nov 03
Director recently bought kr217k worth of stock On the 1st of November, John Ulvan bought around 2k shares on-market at roughly kr145 per share. This transaction amounted to 75% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr1.5m more in shares than they have sold in the last 12 months. Buying Opportunity • Nov 02
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be kr179, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Earnings per share has grown by 29%. For the next 3 years, revenue is forecast to grow by 1.4% per annum. Earnings is forecast to decline by 1.6% per annum over the same time period. Reported Earnings • Oct 21
Third quarter 2022 earnings released: EPS: kr2.40 (vs kr2.12 in 3Q 2021) Third quarter 2022 results: EPS: kr2.40 (up from kr2.12 in 3Q 2021). Revenue: kr1.75b (up 23% from 3Q 2021). Net income: kr239.0m (up 13% from 3Q 2021). Profit margin: 14% (down from 15% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 8.8% decline forecast for the Chemicals industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 16
Second quarter 2022 earnings released: EPS: kr2.52 (vs kr2.34 in 2Q 2021) Second quarter 2022 results: EPS: kr2.52 (up from kr2.34 in 2Q 2021). Revenue: kr1.74b (up 15% from 2Q 2021). Net income: kr252.0m (up 8.2% from 2Q 2021). Profit margin: 14% (down from 15% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 12% compared to a 16% decline forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • May 14
Insider recently bought kr709k worth of stock On the 12th of May, Gisle Johansen bought around 11k shares on-market at roughly kr65.95 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr2.3m more in shares than they have sold in the last 12 months. Reported Earnings • May 03
First quarter 2022 earnings released: EPS: kr2.18 (vs kr1.46 in 1Q 2021) First quarter 2022 results: EPS: kr2.18 (up from kr1.46 in 1Q 2021). Revenue: kr1.62b (up 14% from 1Q 2021). Net income: kr217.0m (up 49% from 1Q 2021). Profit margin: 13% (up from 10% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to stay flat compared to a 16% decline forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 26% per year. Upcoming Dividend • Apr 01
Upcoming dividend of kr5.00 per share Eligible shareholders must have bought the stock before 08 April 2022. Payment date: 21 April 2022. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of British dividend payers (4.7%). Lower than average of industry peers (2.6%). Reported Earnings • Mar 19
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: kr5.81b (up 9.0% from FY 2020). Net income: kr692.0m (up 59% from FY 2020). Profit margin: 12% (up from 8.2% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.7%. Over the next year, revenue is forecast to grow 3.1% compared to a 11% decline forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 04
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: kr6.95 (up from kr4.37 in FY 2020). Revenue: kr5.81b (up 9.0% from FY 2020). Net income: kr692.0m (up 59% from FY 2020). Profit margin: 12% (up from 8.2% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.7%. Over the next year, revenue is forecast to grow 8.5% compared to a 3.3% decline forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Dec 07
Insider recently bought kr710k worth of stock On the 6th of December, Kristin Misund bought around 10k shares on-market at roughly kr70.95 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr3.0m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Nov 27
General Counsel recently sold kr268k worth of stock On the 25th of November, Rolf Heggen sold around 1k shares on-market at roughly kr223 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought kr2.3m more than they sold in the last 12 months. Recent Insider Transactions • Oct 28
Independent Director recently bought kr424k worth of stock On the 27th of October, Tove Andersen bought around 2k shares on-market at roughly kr212 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr1.4m. Insiders have collectively bought kr2.5m more in shares than they have sold in the last 12 months. Reported Earnings • Oct 22
Third quarter 2021 earnings released: EPS kr2.12 (vs kr1.12 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr1.43b (up 13% from 3Q 2020). Net income: kr211.0m (up 88% from 3Q 2020). Profit margin: 15% (up from 8.9% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Jul 30
General Counsel recently bought kr1.4m worth of stock On the 29th of July, Rolf Heggen bought around 15k shares on-market at roughly kr91.56 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr461k more in shares than they have sold in the last 12 months. Reported Earnings • Jul 17
Second quarter 2021 earnings released: EPS kr2.34 The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr1.51b (up 11% from 2Q 2020). Net income: kr233.0m (up 131% from 2Q 2020). Profit margin: 15% (up from 7.4% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 41% per year, which means it is well ahead of earnings. Reported Earnings • Apr 29
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: kr1.42b (up 3.4% from 1Q 2020). Net income: kr146.0m (up 43% from 1Q 2020). Profit margin: 10% (up from 7.4% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Executive Departure • Apr 20
Independent Chairman Jan Oksum has left the company On the 14th of April, Jan Oksum's tenure in the role of Independent Chairman ended. We don't have any record of a personal shareholding under Jan's name. Jan is the only executive to leave the company over the last 12 months. Upcoming Dividend • Apr 08
Upcoming dividend of kr2.50 per share Eligible shareholders must have bought the stock before 15 April 2021. Payment date: 23 April 2021. Trailing yield: 1.3%. Lower than top quartile of British dividend payers (4.3%). Lower than average of industry peers (1.7%). Reported Earnings • Mar 26
Full year 2020 earnings released: EPS kr4.37 (vs kr4.18 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: kr5.33b (up 5.2% from FY 2019). Net income: kr436.0m (up 4.6% from FY 2019). Profit margin: 8.2% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 35% per year, which means it is well ahead of earnings. Recent Insider Transactions • Mar 20
Insider recently bought kr1.4m worth of stock On the 18th of March, Gisle Johansen bought around 15k shares on-market at roughly kr94.06 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold kr205k more in shares than they bought in the last 12 months. Is New 90 Day High Low • Feb 20
New 90-day high: kr168 The company is up 27% from its price of kr132 on 20 November 2020. The British market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr169 per share. Reported Earnings • Feb 05
Full year 2020 earnings released: EPS kr4.36 (vs kr4.17 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: kr5.33b (up 5.2% from FY 2019). Net income: kr436.0m (up 4.6% from FY 2019). Profit margin: 8.2% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 05
Revenue beats expectations Revenue exceeded analyst estimates by 2.2%. Over the next year, revenue is expected to shrink by 1.2% compared to a 11% decline forecast for the Chemicals industry in the United Kingdom. Is New 90 Day High Low • Feb 05
New 90-day high: kr167 The company is up 22% from its price of kr137 on 06 November 2020. The British market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr162 per share. Is New 90 Day High Low • Jan 05
New 90-day high: kr145 The company is up 2.0% from its price of kr142 on 07 October 2020. The British market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr165 per share. Analyst Estimate Surprise Post Earnings • Oct 22
Third-quarter earnings released: Revenue misses expectations Third-quarter revenue missed analyst estimates by 0.3% at kr1.26b. Revenue is forecast to grow 2.3% over the next year, compared to a 15% decline forecast for the Chemicals industry in the United Kingdom. Reported Earnings • Oct 22
Third quarter earnings released Over the last 12 months the company has reported total profits of kr353.0m, down 23% from the prior year. Total revenue was kr5.22b over the last 12 months, up 3.5% from the prior year. Recent Insider Transactions • Sep 18
Board Observer recently sold kr67k worth of stock On the 15th of September, Bente Klausen sold around 500 shares on-market at roughly kr133 per share. In the last 3 months, there was an even bigger sale from another insider worth kr1.3m. Insiders have been net sellers, collectively disposing of kr919k more than they bought in the last 12 months. 
