Bonesupport Holding AB (BONEX) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Bonesupport Holding AB stock SEK 203, price SEK 321, that is 36.7% below the price, quality 78 out of 100. Rating: strongly overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range kr 34.50 – kr 400.20 · fair‑value band kr 118.36 – kr 263.90 · the kr 320.60 price screens above the kr 203.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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Bonesupport Holding AB (publ), an orthobiologics company, develops and commercializes injectable bio-ceramic bone graft substitutes in the United States, Europe, and internationally.
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The company offers CERAMENT Bone Void Filler, an injectable ceramic bone graft substitute that remodels to host bone; CERAMENT G, an injectable ceramic bone graft substitute that remodels to host bone and elutes Gentamicin during the critical first 30 days of bone healing, as well as treats and prevents bone infection; and CERAMENT V, an injectable ceramic bone graft substitute that remodels to host bone and elutes Vancomycin during the critical first 30 days of bone healing, as well as treats and prevents bone infection.
It also provides CERAMENT Bead Tray, an adjunctive local delivery option for surgeons desiring targeted delivery to osseous defects and for dead space management. Bonesupport Holding AB (publ) was founded in 1999 and is headquartered in Lund, Sweden.
Stock analysis
Bonesupport Holding AB (BONEX) currently trades at kr 320.60, while our model-based Fair Value estimate is kr 203.00, 37% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of kr 123.14 per share, and 0 of the 24 models we run sit above the kr 320.60 price.
Bear case: the Economic Profit group reads lowest at kr 47.63, and 24 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: kr 118.36 (bear) to kr 263.90 (bull), the price of kr 320.60 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 78/100 (high quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Bonesupport Holding AB reported revenue of 1.2B SEK in FY2025 versus 213M SEK in FY2021, a compound +53.3%/yr. Reported net income was 142M SEK in FY2025.
Key figures
Market cap 21.4B SEK (≈ $2.2B) Mid · P/E ratio 78.6 · P/S ratio 15.3 · EPS (TTM) kr 4.08 · Net margin 19.4% · Return on equity 29.7% · Return on assets (EBIT) 1.0% (5-year average) · Operating margin 30.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 84 out of 100 (low confidence).
What moves the price
The share trades about 5% below its 52-week high and 91% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −44% fair-value upside, at −37%, BONEX screens cheaper than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (kr 9.65 to kr 143.45). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bearkr 118.36Fair Value kr 203.00Bullkr 263.90
Price kr 320.60 · Downside -36.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 3.50 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+30.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+52.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+45.4%
Start year 2020 (pandemic). Over 10 years: +34.3% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+35.7%
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What shareholders gained per year (last 3 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−17.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−17.1%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−53% → 24%
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+35.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+27.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about +32.5% a year for the price and +24.9% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (85 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Medical Instruments & Supplies · 181 stocks
Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score78 · Top 25%
Fair Value upside−36.7% · Below median
Profitability
Return on equity (12 months)29.7% · Top 25%
Return on assets13.7% · Top 25%
Net margin (12 months)19.4% · Top 25%
Operating margin (12 months)30.2% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)39.0% · Top 25%
Valuation Multiplesvs Medical Instruments & Supplies median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Bonesupport Holding AB Fair Value". https://www.fairvalue-calculator.com/stock/BONEX
Frequently asked questions
Is Bonesupport Holding AB (BONEX) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of kr 203.00 versus a price of kr 320.60, about 37% lower (overvalued).
What is the fair value of BONEX?
Our model-based fair value for Bonesupport Holding AB is kr 203.00 (as of Nov 9, 2026), built from audited fundamentals. The current price: kr 320.60.
What is the quality score of BONEX?
Bonesupport Holding AB has a Quality Score of 78/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Bonesupport Holding AB (BONEX)?
Our model-based price target is the fair value of kr 203.00 (as of Nov 9, 2026) from 24 valuation models. Cautious scenario kr 118.36, optimistic scenario kr 263.90. It is a calculation from audited fundamentals, not an analyst target.
What is the Bonesupport Holding AB stock forecast for 2026?
Our models put fair value at kr 203.00, about 37% lower versus a price of kr 320.60 (overvalued). Cautious scenario kr 118.36, optimistic scenario kr 263.90. The calculation is refreshed regularly with new filings.
What is the revenue of Bonesupport Holding AB (BONEX)?
Bonesupport Holding AB reported trailing-twelve-month revenue of about 1.4B SEK (latest available figure, as of Nov 9, 2026).
What growth is priced into Bonesupport Holding AB (BONEX)?
For today's price to be fair in a discounted-cash-flow model, Bonesupport Holding AB would have to grow free cash flow by +35.2 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +45.4 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of BONEX use?
Our models discount Bonesupport Holding AB at 8.3 %: a base by market capitalisation (mid), damped by beta 0.31, country premium for Sweden. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Bonesupport Holding AB that is +35.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has Bonesupport Holding AB (BONEX) delivered so far?
Over the past 5 years revenue at Bonesupport Holding AB grew +45.4 % a year. The price currently implies free-cash-flow growth of +35.2 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Bonesupport Holding AB (BONEX) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into Bonesupport Holding AB (+35.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Bonesupport Holding AB (BONEX)?
The free-cash-flow yield on the price is 1.02 %: that much free cash flow Bonesupport Holding AB produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Bonesupport Holding AB (BONEX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bonesupport Holding AB it is kr 203.00 per share (as of Nov 9, 2026), against a price of kr 320.60. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Bonesupport Holding AB stock overvalued or undervalued in 2026?
As of Nov 9, 2026, BONEX trades above its calculated fair value: price kr 320.60, fair value kr 203.00, a gap of about −37% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BONEX?
No. The price is what the market pays today (kr 320.60); the fair value is what the company's own numbers justify (kr 203.00). For Bonesupport Holding AB the two are kr 117.60 per share apart. That gap is exactly why we show both numbers side by side.
How much is Bonesupport Holding AB worth?
The market values Bonesupport Holding AB at about 21.4B SEK (market capitalisation, as of Nov 9, 2026). Per share that is kr 320.60; our models calculate a fair value of kr 203.00 per share.
What do the bullish and bearish scenarios say about BONEX?
Our models span a range for Bonesupport Holding AB: cautious scenario kr 118.36, base kr 203.00, optimistic kr 263.90 per share (as of Nov 9, 2026, price kr 320.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BONEX?
Bonesupport Holding AB trades at a price-to-earnings ratio of 78.6 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 203.00 is built from several models across several years. Other multiples: P/B 24.7, P/S 15.3, EV/EBITDA 50.7.
How solid is the balance sheet of Bonesupport Holding AB (BONEX)?
Balance-sheet figures for Bonesupport Holding AB (as of Nov 9, 2026): return on equity 29.7%. They feed the Quality Score of 78/100, which measures business quality independently of the share price.
How far is BONEX from its 52-week high?
Bonesupport Holding AB trades at kr 320.60, about 5% below its 52-week high of kr 339.00 and 91% above the low of kr 167.90 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 203.00 is for.
Which stocks are comparable to Bonesupport Holding AB?
From the same area (Healthcare) we also value Intuitive Surgical, Inc, EssilorLuxottica Société anonyme, Becton, Dickinson and Company, Medline Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Bonesupport Holding AB stock attractive at the current price?
The data as of Nov 9, 2026: price kr 320.60, calculated fair value kr 203.00 (−37%), Quality Score 78/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BONEX calculated?
We run Bonesupport Holding AB through 24 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 203.00 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Bonesupport Holding AB itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Bonesupport Holding AB (BONEX)?
The closing price on Nov 6, 2026 was kr 320.60. Our model-based fair value is kr 203.00, about 37% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bonesupport Holding AB right now?
A high-quality business (quality 78/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (kr 263.90). The favourable scenario is already priced in. A fairly wide model range (kr 118.36 to kr 263.90) leaves room in how you read the outcome.
Key figures of Bonesupport Holding AB
How large is the market capitalisation of Bonesupport Holding AB (BONEX)?
The market capitalisation of Bonesupport Holding AB is 21.4B SEK (≈ $2.2B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Bonesupport Holding AB (BONEX)?
The price-to-sales ratio of Bonesupport Holding AB is 15.3 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Bonesupport Holding AB (BONEX)?
Earnings per share at Bonesupport Holding AB are kr 4.08 (price ÷ EPS = P/E 78.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Bonesupport Holding AB (BONEX)?
The net margin of Bonesupport Holding AB is 19.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Bonesupport Holding AB (BONEX)?
The return on equity (ROE) of Bonesupport Holding AB is 29.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Bonesupport Holding AB (BONEX)?
On an EBIT basis the return on assets of Bonesupport Holding AB is 1.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Bonesupport Holding AB (BONEX)?
The operating margin of Bonesupport Holding AB is 30.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bonesupport Holding AB (BONEX)?
Revenue at Bonesupport Holding AB is growing +39.0% versus a year earlier (3y avg +52.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Bonesupport Holding AB (BONEX)?
Earnings per share at Bonesupport Holding AB are growing +167% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Bonesupport Holding AB (BONEX) hold?
Bonesupport Holding AB holds more cash than debt, 366M SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Some data
Nov 9, 2026