Ny analyse ute i forkant av Q1 tallene

Slettet bruker
BOR 03.05.2018 kl 15:03 2600

We expect lower QoQ results due to seasonal weakness in refractory business, however, continued improvements YoY are anticipated in both Property and Refractory segments in 1Q. We made only minor adjustments to estimates, but we increased our TP as Bridge Eindom AS valuation was revised upwards. Buy recommendation is retained at TP of NOK 116/sh (NOK 114/sh previously), as we continue to see the stock being traded with a large discount to NAV (65%), despite significantly improved results in 2017.



Seasonally weaker figures expected

Borgestad will deliver 1Q18 results on May 9th. We estimate EBITDA to land at NOK 3.7m, higher on YoY (2.9m 1Q17). We expect EBIT of NOK -5.3m in 1Q18 for Refractory segment, slightly stronger YoY (NOK -5.4m 1Q17), as 1Q is seasonally weaker for the segment. EBIT of NOK 4.5m in Property segment is projected, 10% stronger YoY, as higher rental rates provide some support. As for bottom line, we estimate the company to report a negative figure of NOK 2.33/sh.







We remain positive on the share on large 65% discount to NAV

We increased our target price due to upward revision in valuation of Bridge Eindom AS. Also, we updated figures following a sale of 15% stake in PCO Zarow SA, which amounted to total of NOK 36.6m (last book value was NOK 33.25m) with a gain of NOK 1.4m. Buy recommendation is retained at a higher target price of NOK 116/sh. (prev. NOK 114/sh.), based on 30% discount to our calculated NAV.



Our Buy recommendation is supported by:

· Large discount (65%) to our calculated NAV. It can be partly attributed to a conglomerate discount, but we believe it is excessive and unjustified, which also increased YTD after weak share performance.

· 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).

· The company significantly improved results in 2017 (EBITDA margin up 2.2%p YoY), which, in our view, are not reflected in the share price.

Redigert 20.01.2021 kl 05:36 Du må logge inn for å svare
Slettet bruker
03.05.2018 kl 15:15 2582

Kursmål på 116 kroner. Nesten 100% oppside.
Slettet bruker
03.05.2018 kl 15:34 2564

Går nok fort oppover når folket skal inn i aksjen.
Skal ha presentasjon til uka hos Arcitic Securities. Forhåpentligvis bidrar dette positivt med tanke på investorinteressen.
Slettet bruker
03.05.2018 kl 23:24 2487

Ingen andre Borgestad aksjonærer her inne meg? ;)

Upopær, undervurdert og underanalysert!

De tre viktigste parametre for å finne gull.

Les dere opp på caset!
d12m
11.05.2018 kl 08:02 2382

"Upopær, undervurdert og underanalysert!
De tre viktigste parametre for å finne gull."

Var ikke det hovedargumentet ditt/deres i Panoro back in the days, også..?