Bonesupport Holding (BONEX) Fair Value & Analysis
Healthcare · SE · Market cap 15.7B SEK
Fair value as of: Jul 13, 2026
From 26 valuation models · updated 28 days ago
Fair value updated Jul 13, 2026, revised from kr 59.07 to kr 47.76 (−19.1%) since Jun 24, 2026. Share price −0.2% over the past month.
A strong business, but screening 79% overvalued on our models.
What matters now
- A high-quality business (quality 76/100), 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 121.38). The favourable scenario is already priced in.
- The model range is unusually wide (kr 35.82 to kr 121.38). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 13, 2026.
How to read this chart
60‑month range kr 34.50 – kr 400.20 · fair‑value band kr 35.82 – kr 121.38 · the kr 223.60 price screens above the kr 47.76 fair value. Dashed = 300-day average. As of Jul 13, 2026.
Analysis
Bonesupport Holding (BONEX) currently trades at kr 223.60, while our model-based Fair Value estimate is kr 47.76, implying the stock looks roughly 78.6% overvalued today. The Quality Score stands at 76/100 (high quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Bonesupport Holding generated revenue of 1.2B SEK at a net margin of 15.2%. Revenue grew 14.3% year over year. It earns a return on equity of 22.0%. The balance sheet holds a net cash position of 366M SEK. Fundamentals as of Jul 13, 2026
Our scenario range runs from kr 35.82 (bear case) to kr 121.38 (bull case); at kr 223.60, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. 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 35% below its 52-week high and 36% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -43% fair-value upside, at -79%, BONEX screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 26 models by family
Widest divergence: Growth Earnings (kr 100.85) versus Dividend Discount (kr 1.35). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 76 · Market factors (momentum, volatility) 40
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Bonesupport Holding AB (publ), an orthobiologics company, develops and commercializes injectable bio-ceramic bone graft substitutes in the United States, Europe, and internationally.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Bonesupport Holding reported revenue of kr 1.2B in FY2025 versus kr 213M in FY2021, a compound +53.3%/yr. Reported net income was kr 142M in FY2025.
BONEX screens 79% overvalued. Compare with Intuitive Surgical, Inc →
Peer Group
Medical Instruments & Supplies · 203 stocks
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.
Valuation Multiples vs Medical Instruments & Supplies median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Medical Instruments & Supplies stocks, each showing price versus our Fair Value estimate (as of Jul 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Intuitive Surgical, Inc ISRG | $402.33 | $150.04 | -63% |
| EssilorLuxottica Société anonyme 1EL | €172.45 | €68.55 | -60% |
| Medline Inc MDLN | $41.11 | $30.15 | -27% |
| Becton, Dickinson and Company BDX | $150.65 | $103.53 | -31% |
| Alcon Inc ALC | $70.26 | $39.78 | -43% |
| ResMed Inc RMD | $203.87 | $187.89 | -8% |
| West Pharmaceutical Services, Inc WST | $353.71 | $143.97 | -59% |
| Straumann Holding STMN | CHF 106.00 | CHF 47.31 | -55% |
| Sartorius Stedim Biotech S.A DIM | €188.50 | €51.16 | -73% |
| Coloplast A/S COLOB | kr 414.00 | kr 382.22 | -8% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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