Når skal Borgestad reprises?
We remain positive on the share on large discount of 63% to NAV
We increased our margin estimates for Borgestad somewhat. The company reported lower NIBD that positively influenced valuation. Our previous Buy recommendation is reiterated at a higher target price of NOK 111/sh. (prev. NOK 106/sh.), based on 30% discount to our calculated NAV.
Our Buy recommendation is supported by:
· Large discount (63%) to our calculated NAV. It can be partly attributed to a conglomerate discount, but we believe it is excessive and unjustified.
· The sale of the real estate properties, the shopping center Agora Bytom in Poland in particular, at an attractive price would be the trigger for the share (e.g. Grenland Arena was sold NOK 36m above the book value).
We increased our margin estimates for Borgestad somewhat. The company reported lower NIBD that positively influenced valuation. Our previous Buy recommendation is reiterated at a higher target price of NOK 111/sh. (prev. NOK 106/sh.), based on 30% discount to our calculated NAV.
Our Buy recommendation is supported by:
· Large discount (63%) to our calculated NAV. It can be partly attributed to a conglomerate discount, but we believe it is excessive and unjustified.
· The sale of the real estate properties, the shopping center Agora Bytom in Poland in particular, at an attractive price would be the trigger for the share (e.g. Grenland Arena was sold NOK 36m above the book value).
Redigert 21.01.2021 kl 02:54
Du må logge inn for å svare
-
«
- 1
- 2 »
Star
28.12.2023 kl 13:08
953
Rekkyl.
27th of December 2023: Kontrari AS, a company controlled by Frode Teigen, has
today purchased 55,513,105 shares in Borgestad ASA (the "Company") at a price of
NOK 0.26 per share. Kontrari AS is represented in the Company's board of
directors by Jan Erik Sivertsen. After the transaction, Kontrari AS will
increase its ownership to 380,513,105 shares in the Company, equivalent to an
increase from approximately 23.17% to approximately 27.13% of the votes and
share capital in the Company. Neither Kontrari AS nor any other companies
consolidated with Frode Teigen have any other rights to shares in the Company.
This information is subject to the disclosure requirements pursuant to
Regulation EU 596/2014 (MAR) article 19 and the Norwegian Securities Trading Act
sections 4-2 and 5-12.
27th of December 2023: Kontrari AS, a company controlled by Frode Teigen, has
today purchased 55,513,105 shares in Borgestad ASA (the "Company") at a price of
NOK 0.26 per share. Kontrari AS is represented in the Company's board of
directors by Jan Erik Sivertsen. After the transaction, Kontrari AS will
increase its ownership to 380,513,105 shares in the Company, equivalent to an
increase from approximately 23.17% to approximately 27.13% of the votes and
share capital in the Company. Neither Kontrari AS nor any other companies
consolidated with Frode Teigen have any other rights to shares in the Company.
This information is subject to the disclosure requirements pursuant to
Regulation EU 596/2014 (MAR) article 19 and the Norwegian Securities Trading Act
sections 4-2 and 5-12.
Redigert 28.12.2023 kl 13:09
Du må logge inn for å svare
-
«
- 1
- 2 »