Borgestad is the market leader in the Nordics within the refractory industry in addition to owning a large shopping centre in Poland. Last spring, the company announced a strategic partnership within the refractory business expected to lift EBITDA by a minimum NOK 25m/year, while the current book value of the real estate asset appears conservative following a write-down in 2020. We initiate coverage with a fair value range of NOK 1.6-5.5/share.
