We initiate coverage of Borregaard with a Buy recommendation and a NOK 220/sh target price. As a global leader in sustainable biochemicals with roots dating back to 1889, Borregaard has proven itself as one of the Oslo Stock Exchange’s best compounders, delivering an average annual TSR of 22.5% since its 2012 IPO. We see attractive upside on next year’s growth CapEx, which we model to drive margin expansion and >20% EPS growth from ’25e-27e. In addition, FX headwinds that weighed on reported ear ....
