Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Borregaard ASA is a Norwegian specialty chemicals company renowned for producing advanced, sustainable biochemicals and biomaterials derived from wood through one of the world’s most advanced biorefineries in Sarpsborg. Established in 1889, it transitioned from traditional pulp and paper to high-value wood-based specialties, operating three key segments: BioSolutions, BioMaterials, and Fine Chemicals. BioSolutions leads globally in lignin-based biopolymers (35-40% market share) with over 600 products for agrochemicals, batteries, construction, and industrial binders, alongside being the top producer of plant-based biovanillin (59% market share). BioMaterials supplies specialty cellulose (10% global share) for cellulose ethers, acetates, and fibrils via patented Exilvia technology, serving textiles, plastics, and construction. Fine Chemicals, the most profitable segment, offers second-generation bioethanol and intermediates for pharmaceuticals and contrast agents. With production sites across Europe and North America, Borregaard serves over 3,000 customers in more than 100 countries, employing over 1,100 people. Its unique softwood sulphite pulping process, protected by high barriers, supports diversification across agriculture, food, pharma, and chemicals, aligning with sustainability megatrends replacing fossil-based products.
NOK 149.50
NOK 1.00 (-0.66%)
EOD Jul 1, 2026
16.98% operating margin is respectable but not wide. ROIC at 11.55%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue growth slowed to 1.0%, essentially flat. This is a business that needs a catalyst.
At 27x earnings, the current multiple leaves limited room for execution misses or growth deceleration. ROIC dropped from 13.85% to 11.55%, capital efficiency is deteriorating.
27.1x earnings, 27.2x FCF. Not cheap, the quality is already reflected in the price. Upside from here requires either margin expansion or growth re-acceleration, not just continuation.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
NOK 7.55B
▲ +1.0% YoY
Net Income (TTM)
NOK 530M
▼ -27.6% YoY
Op. Margin
15.84%
▼ -0.5pp YoY
ROIC
11.55%
▼ -2.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
NOK 549M
▲ +57.7% YoY
Op. Cash Flow (TTM)
NOK 775M
▼ -19.9% YoY
Net Debt
NOK 2.09B
Cash & Equiv.
NOK 90M
3Y CAGR: +3.8%
3Y CAGR: +27.6%
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At a P/E of 27.1 and a price-to-free-cash-flow of 27.2, Borregaard ASA (BRG.XOSL) trades above a two-stage DCF intrinsic value of about NOK 74.35 per share, so at NOK 149.50 the stock looks overvalued (50.3% above estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Borregaard ASA scores 53/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 2.8%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about NOK 74.35 per share for BRG.XOSL, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around NOK 55.76. At today's NOK 149.50, that puts the stock about 50.3% above estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Borregaard ASA scores 53 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a mixed business on these measures. Recent fundamentals include a 15.8% operating margin and a 11.6% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Yes, Borregaard ASA pays a regular dividend of about NOK 4.25 per share per year (typically in quarterly installments), a yield of roughly 2.8% at the current price. That is a payout ratio of about 80.0% of earnings, so the dividend is covered, with less cushion. Borregaard ASA has grown the dividend at roughly 14.2% a year over the past few years. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For BRG.XOSL's full payout history, growth streak and dividend-safety score, see the dividends tab.
That depends on valuation and quality together, not either alone. BRG.XOSL currently trades above its estimated intrinsic value and scores 53/100 on quality (mixed). It also yields about 2.8%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.