Bonesupport Holding AB (BONEX) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Bonesupport Holding AB SEK 191, price SEK 214, upside -10.7%, quality 76 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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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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Bonesupport Holding AB (publ), an orthobiologics company, develops and commercializes injectable bio-ceramic bone graft substitutes in the United States, Europe, and internationally. 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 213.60, while our model-based Fair Value estimate is kr 190.80, implying the stock looks roughly 11.9% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of kr 100.85 per share, and 0 of the 24 models we run sit above the kr 213.60 price.
Bear case: the Multiples group reads lowest at kr 47.76, and 24 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: kr 109.98 (bear) to kr 262.22 (bull), the price of kr 213.60 sits inside 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 76/100 (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 15.7B SEK (≈ $1.6B) · P/E ratio 77.4 · P/S ratio 9.37 · EPS (TTM) kr 2.76 · Net margin 12.1% · Return on equity 22.0% · Return on assets (EBIT) 1.0% · Operating margin 22.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 30% below its 52-week high and 27% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −12% fair-value upside, at −11%, BONEX screens cheaper than that median.
Fair Value models
Bear kr 109.98Fair Value kr 190.80Bull kr 262.22
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (kr 2.02 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.Evidence ⓘEvidence = 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).
+31.4%
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.
+26.9%
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 +28.9% a year for the price and +24.4% for the forecasts.
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 · 203 stocks
Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score76 · Top 25%
Fair Value upside−11% · Above median
Profitability
Return on equity (TTM)22% · Top 25%
Return on assets20% · Top 25%
Net margin (TTM)15% · Top 25%
Operating margin (TTM)22% · Top 25%
Growth and dividend
Revenue growth14% · Above median
Valuation Multiplesvs Medical Instruments & Supplies median · lower = cheaper
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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 Sep 24, 2026, our model estimates a fair value of kr 190.80 versus a price of kr 213.60, about −11% upside (overvalued).
What is the fair value of BONEX?
Our model-based fair value for Bonesupport Holding AB is kr 190.80 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 213.60.
What is the quality score of BONEX?
Bonesupport Holding AB has a Quality Score of 76/100. 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 190.80 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario kr 109.98, optimistic scenario kr 262.22. 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 190.80, about −11% upside versus a price of kr 213.60 (overvalued). Cautious scenario kr 109.98, optimistic scenario kr 262.22. 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 1.2B SEK (latest available figure, as of Sep 24, 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 +31.4 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +45.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of BONEX use?
Our models discount Bonesupport Holding AB at 9.6 %: a base by market capitalisation (small), damped by beta 0.49, 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 +31.4 % per year a year over ten years, using the same discount rate (9.6 %) 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 +31.4 % per year free-cash-flow growth a 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 +4.2 % a year. That is the yardstick for the growth priced into Bonesupport Holding AB (+31.4 % per year a 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 1.53 %: that much free cash flow Bonesupport Holding AB produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), 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 190.80 per share (as of Sep 24, 2026), against a price of kr 213.60. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Bonesupport Holding AB stock overvalued or undervalued in 2026?
As of Sep 24, 2026, BONEX trades above its calculated fair value: price kr 213.60, fair value kr 190.80, a gap of about −11% (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 213.60); the fair value is what the company's own numbers justify (kr 190.80). For Bonesupport Holding AB the two are kr 22.80 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 15.7B SEK (market capitalisation, as of Sep 24, 2026). Per share that is kr 213.60; our models calculate a fair value of kr 190.80 per share.
What do the bullish and bearish scenarios say about BONEX?
Our models span a range for Bonesupport Holding AB: cautious scenario kr 109.98, base kr 190.80, optimistic kr 262.22 per share (as of Sep 24, 2026, price kr 213.60). 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 77.4 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 190.80 is built from several models across several years. Other multiples: P/B 18.2, P/S 13.0, EV/EBITDA 47.7.
How solid is the balance sheet of Bonesupport Holding AB (BONEX)?
Balance-sheet figures for Bonesupport Holding AB (as of Sep 24, 2026): return on equity 22.0%. They feed the Quality Score of 76/100, which measures business quality independently of the share price.
How far is BONEX from its 52-week high?
Bonesupport Holding AB trades at kr 213.60, about 30% below its 52-week high of kr 306.00 and 27% above the low of kr 167.90 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of kr 190.80 is for.
Which stocks are comparable to Bonesupport Holding AB?
From the same area (Healthcare) we also value Intuitive Surgical, Inc, EssilorLuxottica Société anonyme, Medline Inc, Becton, Dickinson and Company, 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 Sep 24, 2026: price kr 213.60, calculated fair value kr 190.80 (−11%), Quality Score 76/100, 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 four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 190.80, 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 14.1 % 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 Sep 23, 2026 was kr 213.60. Our model-based fair value is kr 190.80, about −11% upside (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 fairly wide model range (kr 109.98 to kr 262.22) leaves room in how you read the outcome. The price sits in the upper half of our model range, so the margin of safety is thin. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
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 15.7B SEK (≈ $1.6B). 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 9.37 (P/E × margin). 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 2.76 (price ÷ EPS = P/E 77.4). 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 12.1% (fiscal year 2025). 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 22.0% (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 22.3% (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 +14.3% 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 +405% 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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Sep 24, 2026