Solid results with improved EBITDA YoY

Borgestad (BOR) released its 4Q17 report on February 16th. EBITDA slightly beat our forecast and improved YoY. Property segment showed another strong improvement YoY, while Refractory segment was relatively flat YoY. The company noted that it entered into an agreement on the sale of its 15% stake in Polish refractory manufacturer PCO Zarow SA. We reiterate our Buy recommendation at unchanged TP of NOK 114/sh, as we continue to see the stock being with a large discount to NAV (60%), which is excessive in our view.