Borregaard ASA (BRG) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Borregaard ASA stock NOK 92.66, price NOK 156, that is 40.7% below the price, quality 59 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range kr 113.23 – kr 206.87 · fair‑value band kr 54.97 – kr 124.72 · the kr 156.20 price screens above the kr 92.66 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
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Borregaard ASA engages in the development, production, and marketing of specialized biochemicals and biomaterials in Norway, rest of Europe, Asia, the United States, and internationally. It operates in three segments: BioSolutions, BioMaterials, and Fine Chemicals.
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The BioSolutions segment develops, produces, and sells biopolymers and biovanillin derived from lignin for agrochemicals, batteries, industrial binders, and construction, as well as to flavor and fragrance companies, and food and beverage industry.
Its BioMaterials segment develops, produces, and sells speciality cellulose used as a raw material in the production of cellulose ethers, cellulose acetate, and other specialty products, as well as cellulose fibrils for industrial applications.
The Fine Chemicals segment supplies fine chemical intermediates for contrast agents and advanced bioethanol. The company was incorporated in 2012 and is headquartered in Sarpsborg, Norway.
Stock analysis
Borregaard ASA (BRG) currently trades at kr 156.20, while our model-based Fair Value estimate is kr 92.66, 41% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of kr 132.82 per share, and 4 of the 26 models we run sit above the kr 156.20 price.
Bear case: the Asset-Based group reads lowest at kr 38.82, and 22 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 54.97 (bear) to kr 124.72 (bull), the price of kr 156.20 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Basic Materials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Borregaard ASA reported revenue of 7.6B NOK in FY2025 versus 5.8B NOK in FY2021, a compound +6.9%/yr. Reported net income was 620M NOK in FY2025, compounding −2.7%/yr from FY2021.
Key figures
Market cap 15.6B NOK (≈ $1.7B) Small · P/E ratio 57.9 · P/S ratio 1.99 · EPS (TTM) kr 2.70 · Dividend yield 3.0% · Net margin 3.4% · Return on equity 4.3% · Return on assets (EBIT) 13.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −43% fair-value upside, at −41%, BRG screens cheaper than that median.
Fair Value models
Bearkr 54.97Fair Value kr 92.66Bullkr 124.72
Price kr 156.20 · Downside -40.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.69/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+1.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.3%
Start year 2020 (pandemic). Over 10 years: +6.2% a year
Revenue growth 16 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.2%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+10.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.3%
Dividend (yield on the price)3.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.7.3% vs 4.9%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.11% → 17%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+18.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (Norway: IMF forecast 2.4% a year to 2030, 3.3% from 2016 to 2025) that is about +15.4% a year for the price and +1.6% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Chemicals · 728 stocks
Beats the industry median on 5/15 measures
Overall it trails its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside−40.7% · Below median
Profitability
Return on equity (12 months)4.3% · Below median
Return on assets6.4% · Above median
Net margin (12 months)3.4% · Below median
Operating margin (12 months)21.5% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)5.3% · Below median
Dividend yield (12 months)3.0% · Top 25%
Balance sheet
Debt / equity0.29× · Above median
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
P/E (12 months)57.9× · Priciest 25%
P/B2.66× · Pricier than median
P/S (12 months)1.99× · Pricier than median
Price / free cash flow (fiscal year)27.7× · Pricier than median
EV/EBITDA9.9× · Cheaper than median
PEG1.88× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)27· sector 67
PAST (return on equity)17· sector 27
HEALTH (low debt)85· sector 95
DIVIDEND (yield)61· sector 31
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Borregaard ASA Fair Value". https://www.fairvalue-calculator.com/stock/BRG.OL
Frequently asked questions
Is Borregaard ASA (BRG) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of kr 92.66 versus a price of kr 156.20, about 41% lower (overvalued).
What is the fair value of BRG?
Our model-based fair value for Borregaard ASA is kr 92.66 (as of Nov 4, 2026), built from audited fundamentals. The current price: kr 156.20.
What is the quality score of BRG?
Borregaard ASA has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Borregaard ASA (BRG)?
Our model-based price target is the fair value of kr 92.66 (as of Nov 4, 2026) from 26 valuation models. Cautious scenario kr 54.97, optimistic scenario kr 124.72. It is a calculation from audited fundamentals, not an analyst target.
What is the Borregaard ASA stock forecast for 2026?
Our models put fair value at kr 92.66, about 41% lower versus a price of kr 156.20 (overvalued). Cautious scenario kr 54.97, optimistic scenario kr 124.72. The calculation is refreshed regularly with new filings.
What is the revenue of Borregaard ASA (BRG)?
Borregaard ASA reported trailing-twelve-month revenue of about 7.8B NOK (latest available figure, as of Nov 4, 2026).
Does Borregaard ASA pay a dividend?
Borregaard ASA currently shows a dividend yield of 3.04% relative to its recent price (as of Nov 4, 2026).
How much is the dividend of Borregaard ASA (BRG) and when is the ex-dividend date?
Borregaard ASA pays a dividend of kr 4.75 per share a year, a dividend yield of 3.0%. The last ex-dividend date was Apr 17, 2026. A dividend has been paid every year since at least 2013. The payout ratio is 126% of earnings (on adjusted earnings, reported 176%). Free cash flow covers the dividend 1.19 times. Our assessment: Payout strained. The dividend exceeds reported earnings (though reported profit is often depressed by one-off charges), and free cash flow only just covers it (or coverage is unknown). Not an emergency, but little room for error.
What growth is priced into Borregaard ASA (BRG)?
For today's price to be fair in a discounted-cash-flow model, Borregaard ASA would have to grow free cash flow by +18.2 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.3 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of BRG use?
Our models discount Borregaard ASA at 9.8 %: a base by market capitalisation (small), damped by beta 0.56, country premium for Norway. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Borregaard ASA that is +18.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has Borregaard ASA (BRG) delivered so far?
Over the past 5 years revenue at Borregaard ASA grew +7.3 % a year. The price currently implies free-cash-flow growth of +18.2 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Borregaard ASA (BRG) growing?
The median revenue growth in the sector is +9.8 % a year. That is the yardstick for the growth priced into Borregaard ASA (+18.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Borregaard ASA (BRG)?
The free-cash-flow yield on the price is 3.61 %: that much free cash flow Borregaard ASA produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Borregaard ASA (BRG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Borregaard ASA it is kr 92.66 per share (as of Nov 4, 2026), against a price of kr 156.20. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Borregaard ASA stock overvalued or undervalued in 2026?
As of Nov 4, 2026, BRG trades above its calculated fair value: price kr 156.20, fair value kr 92.66, a gap of about −41% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BRG?
No. The price is what the market pays today (kr 156.20); the fair value is what the company's own numbers justify (kr 92.66). For Borregaard ASA the two are kr 63.54 per share apart. That gap is exactly why we show both numbers side by side.
How much is Borregaard ASA worth?
The market values Borregaard ASA at about 15.6B NOK (market capitalisation, as of Nov 4, 2026). Per share that is kr 156.20; our models calculate a fair value of kr 92.66 per share.
What do the bullish and bearish scenarios say about BRG?
Our models span a range for Borregaard ASA: cautious scenario kr 54.97, base kr 92.66, optimistic kr 124.72 per share (as of Nov 4, 2026, price kr 156.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BRG?
Borregaard ASA trades at a price-to-earnings ratio of 57.9 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 92.66 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 18.0 (reported for FY2025: 25.1). Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 20.9. Other multiples: PEG 1.9, P/B 2.7, P/S 2.0, EV/EBITDA 9.9.
What is the PEG ratio of BRG?
The PEG ratio of Borregaard ASA is 1.88 (P/E divided by earnings growth, as of Nov 4, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Borregaard ASA (BRG)?
Balance-sheet figures for Borregaard ASA (as of Nov 4, 2026): return on equity 4.3%, debt of 0.29 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is BRG from its 52-week high?
Borregaard ASA trades at kr 156.20, about 20% below its 52-week high of kr 194.16 and 13% above the low of kr 138.40 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 92.66 is for.
Which stocks are comparable to Borregaard ASA?
From the same area (Basic Materials) we also value Linde plc, Ecolab Inc, The Sherwin-Williams Company, Nan Ya Plastics Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Borregaard ASA stock attractive at the current price?
The data as of Nov 4, 2026: price kr 156.20, calculated fair value kr 92.66 (−41%), Quality Score 59/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BRG calculated?
We run Borregaard ASA through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 92.66 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Borregaard ASA itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Borregaard ASA (BRG)?
The closing price on Nov 6, 2026 was kr 156.20. Our model-based fair value is kr 92.66, about 41% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Borregaard ASA right now?
The price sits above even our optimistic bull case (kr 124.72). The favourable scenario is already priced in. Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (kr 54.97 to kr 124.72) leaves room in how you read the outcome.
Where does the earnings growth of Borregaard ASA (BRG) come from?
Earnings per share at Borregaard ASA grew +10.5 % a year from 2013 to 2024. Broken into its drivers: revenue per share +6.6 %, EBIT margin +3.9 %, tax rate +0.3 %, residual (interest, one-offs) −0.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Borregaard ASA
How large is the market capitalisation of Borregaard ASA (BRG)?
The market capitalisation of Borregaard ASA is 15.6B NOK (≈ $1.7B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Borregaard ASA (BRG)?
The price-to-sales ratio of Borregaard ASA is 1.99 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Borregaard ASA (BRG)?
Earnings per share at Borregaard ASA are kr 2.70 (price ÷ EPS = P/E 57.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Borregaard ASA (BRG)?
The dividend yield of Borregaard ASA is 3.0% (payout 126%, on adjusted earnings, reported 176%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Borregaard ASA (BRG)?
The net margin of Borregaard ASA is 3.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Borregaard ASA (BRG)?
The return on equity (ROE) of Borregaard ASA is 4.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Borregaard ASA (BRG)?
On an EBIT basis the return on assets of Borregaard ASA is 13.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Borregaard ASA (BRG)?
The operating margin of Borregaard ASA is 21.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Borregaard ASA (BRG)?
Revenue at Borregaard ASA is growing +5.3% versus a year earlier (3y avg +3.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Borregaard ASA (BRG)?
Earnings per share at Borregaard ASA are growing +51.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Borregaard ASA (BRG) carry?
The net debt of Borregaard ASA is 2.1B NOK (fiscal year 2025, ≈ 3.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 4, 2026