Kepler upgrades Borregaard to 'buy' from 'hold' on share price derating

BORREGAARD ASA

31/03/2026 09:27

** Kepler Cheuvreux upgrades Borregaard  BRGB.OL to "buy" from "hold", saying the Norwegian biorefinery's share price derating no longer reflects its underlying business quality

** The broker says the recent share price adequately reflects the near-term challenges stemming from weaker pricing in the BioMaterials unit

** In the broker's view, the company is "a highly specialised company with strong barriers to entry and significant flexibility across products and end-markets"

** Borregaard operates the only refinery based on sulphite globally, which the broker says supports product specialisation, differentiation and barriers to entry

** Brokerage highlights the medium-term outlook as increasingly attractive due to a strategic portfolio shift towards specialised agrochemical products

** Out of the eight analysts covering the stock, five rate it "strong buy"/"buy" and three "hold" - LSEG data

 (Reporting by Vera Dvorakova)

 ((vera.dvorakova@thomsonreuters.com))