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1. Company Snapshot

1.a. Company Description

BEWi ASA produces, markets, and sells various custom-designed packaging solutions and insulation materials based on expandable polystyrene (EPS).The company operates through RAW, Packaging & Components, and Insulation segments.The RAW segment develops and produces EPS beads or Styrofoam, as well as Biofoam, a biobased particle foam as raw materials for the production of end products.


The Packaging & Components segment develops and manufactures packaging solutions and technical components from EPS, expanded polypropylene, or fabricated foam for various industries.The Insulation segment develops and manufactures a range of insulation solutions for the construction industry, such as insulation elements and various construction systems, and products for constructing the infrastructure, as well as for foundations, walls, and ceilings.It sells its products to food, pharmaceutical, automotive, hobby and leisure, residential housing, and thermal insulation industries.


The company was founded in 1980 and is based in Trondheim, Norway.BEWi ASA is a subsidiary of Frøya Invest AS.

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1.b. Last Insights on BEWI

BEWi ASA faces challenges amidst a mixed European market landscape. The STOXX Europe 600 Index's slight decline, driven by wavering ECB rate cut expectations, likely impacts the company's performance. With no recent earnings release or notable acquisitions/new products announced, BEWi ASA's struggles may be attributed to broader market conditions. Insider buying activity, as noted on November 4, 2025, may signal confidence, but doesn't necessarily address short-term concerns. Ratings upgrades or downgrades from reputable sources are not cited. Any potential share buyback initiatives could provide a boost, but none are reported.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Bewi ASA (FRA:5T0) Q3 2025 Earnings Call Highlights: Strong Packaging Performance Drives Growth

Nov -19

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3 Undervalued European Small Caps With Recent Insider Buying

Nov -04

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3 Undervalued European Small Caps With Insider Action To Consider

Oct -06

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European Equity Gems Priced Below Estimated Value

Sep -26

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Bewi ASA (FRA:5T0) Q1 2025 Earnings Call Highlights: Strategic Growth Amid Financial Challenges

May -15

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Bewi ASA (STU:5T0) Q3 2024 Earnings Call Highlights: Navigating Challenges with Strategic ...

Nov -07

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Bewi ASA (STU:5T0) Q2 2024 Earnings Call Highlights: Navigating Market Challenges with ...

Oct -09

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.85%)

6. Segments

Insulation & Construction

Expected Growth: 5.5%

BEWi ASA's Insulation & Construction segment growth of 5.5% is driven by increasing demand for energy-efficient buildings, stringent government regulations on energy consumption, and rising adoption of sustainable construction materials. Additionally, growing investments in infrastructure development and renovation projects contribute to the segment's growth.

Packaging & Components

Expected Growth: 6.2%

BEWi ASA's Packaging & Components segment growth of 6.2% is driven by increasing demand for sustainable packaging solutions, expansion in e-commerce, and rising need for customized packaging in the food and beverage industry. Additionally, growing adoption of eco-friendly products and government regulations promoting recycling and waste reduction are contributing to the segment's growth.

Raw

Expected Growth: 5.8%

BEWi ASA's 5.8% growth driven by increasing demand for sustainable packaging solutions, expansion into new markets, and strategic acquisitions. Rising environmental concerns and regulations fuel growth in the insulation segment, while cost savings initiatives and operational efficiencies contribute to improved profitability.

Circular

Expected Growth: 6.5%

BEWi ASA's 6.5% growth is driven by increasing demand for sustainable packaging solutions, expansion into new markets, and strategic acquisitions. The company's focus on eco-friendly products and cost-saving initiatives also contribute to its growth. Additionally, the rising trend of e-commerce and the need for protective packaging solutions further boost BEWi's revenue.

Unallocated

Expected Growth: 5.2%

BEWi ASA's unallocated segment growth of 5.2% is driven by increasing demand for sustainable packaging solutions, expansion into new markets, and strategic investments in production capacity. Additionally, the company's focus on innovation and product development has led to the introduction of new products, contributing to revenue growth.

7. Detailed Products

Insulation Products

BEWi ASA offers a range of insulation products, including foam insulation, fiberglass insulation, and rock wool insulation, designed to reduce energy consumption and minimize environmental impact.

Packaging Solutions

BEWi ASA provides customized packaging solutions, including molded fiber packaging, corrugated cardboard packaging, and paper-based packaging, designed to protect products during transportation and storage.

Technical Foam Components

BEWi ASA offers technical foam components, including foam inserts, foam sheets, and foam blocks, designed for use in various industrial applications.

Acoustic Insulation

BEWi ASA provides acoustic insulation products, including sound-absorbing materials and sound-insulating materials, designed to reduce noise pollution and improve sound quality.

Filter Materials

BEWi ASA offers filter materials, including air filter materials, water filter materials, and oil filter materials, designed to remove impurities and contaminants.

8. BEWi ASA's Porter Forces

Forces Ranking

Threat Of Substitutes

BEWi ASA operates in the insulation industry, where substitutes are available, but they are not highly attractive to customers. The company's products are of high quality, and customers are loyal to the brand.

Bargaining Power Of Customers

BEWi ASA's customers are mostly construction companies and builders, who do not have significant bargaining power. The company has a strong brand and a wide distribution network, which reduces the bargaining power of customers.

Bargaining Power Of Suppliers

BEWi ASA's suppliers are mainly raw material providers, who have some bargaining power due to the high demand for their products. However, the company has a diversified supplier base, which reduces the bargaining power of individual suppliers.

Threat Of New Entrants

The insulation industry has high barriers to entry, including high capital requirements and regulatory hurdles. This makes it difficult for new entrants to enter the market, reducing the threat of new entrants.

Intensity Of Rivalry

The insulation industry is highly competitive, with several established players competing for market share. BEWi ASA faces intense competition from companies like Kingspan and Recticel, which increases the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 60.24%
Debt Cost 4.21%
Equity Weight 39.76%
Equity Cost 8.45%
WACC 5.90%
Leverage 151.49%

11. Quality Control: BEWi ASA passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Macfarlane

A-Score: 5.3/10

Value: 8.7

Growth: 5.0

Quality: 4.9

Yield: 7.5

Momentum: 1.5

Volatility: 4.0

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Zignago Vetro

A-Score: 5.1/10

Value: 5.6

Growth: 5.1

Quality: 4.3

Yield: 8.1

Momentum: 1.0

Volatility: 6.7

1-Year Total Return ->

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Vetropack Holding

A-Score: 4.1/10

Value: 6.4

Growth: 1.8

Quality: 3.7

Yield: 6.2

Momentum: 1.5

Volatility: 5.0

1-Year Total Return ->

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TFF

A-Score: 4.0/10

Value: 7.8

Growth: 4.6

Quality: 3.5

Yield: 4.4

Momentum: 0.0

Volatility: 3.7

1-Year Total Return ->

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BEWi

A-Score: 2.8/10

Value: 8.0

Growth: 2.3

Quality: 2.2

Yield: 0.6

Momentum: 0.0

Volatility: 3.3

1-Year Total Return ->

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Hexagon Composites

A-Score: 2.7/10

Value: 9.4

Growth: 3.2

Quality: 2.7

Yield: 0.0

Momentum: 0.0

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

16.44$

Current Price

16.44$

Potential

-0.00%

Expected Cash-Flows