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Bong AB (publ) (BONG) Fair Value & Analysis

Consumer Cyclical · SE · Market cap 88.7M SEK (≈ $9.3M) · ISIN SE0000396061

BA Bong AB (publ) BONG · ST
Pricekr 0.3400
Fair Valuekr 0.2484
Upside-26.9%
Quality49/100
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Strengths

Low debt · generates free cash flow

Risks

!Trades 37% ABOVE our fair value of kr 0.2484
!Weak Growth (revenue 5y −0.4 %/yr)
!Loss-making · -1.8% net margin
!Trails peers (2/11)
Weak Growth (revenue 5y −0.4 %/yr)
Loss-making · -1.8% net margin
Low debt · generates free cash flow
Trails peers (2/11)
Narrow moat 18/100
Evidence: Medium Range kr 0.1639 – kr 0.3188 Share as image

Fair value as of: Aug 13, 2026

From 14 valuation models · updated 16 days ago

Fair value updated Aug 13, 2026, revised from kr 0.2464 to kr 0.2484 (+0.8%) since Jul 16, 2026. Share price +3.0% over the past month.

Below-average quality, and trading another 37% above our fair value.

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69 individual criteria per stock, every one traceable See the method →

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What matters now

  • The price sits above even our optimistic bull case (kr 0.3188). The favourable scenario is already priced in.
  • Solid but not exceptional quality (49/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (kr 0.1639 to kr 0.3188) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

kr 1.04 kr 0.3150 Fair Value kr 0.2484 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range kr 0.3150 – kr 1.04 · fair‑value band kr 0.1639 – kr 0.3188 · the kr 0.3400 price screens above the kr 0.2484 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Bong AB (publ) (BONG) currently trades at kr 0.3400, while our model-based Fair Value estimate is kr 0.2484, implying the stock looks roughly 26.9% overvalued today. The Quality Score stands at 49/100 (below-average quality), in the Consumer Cyclical 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: medium).

Over the trailing twelve months, Bong AB (publ) generated revenue of 1.8B SEK at a net margin of -1.8%. Revenue declined 9.1% year over year. It earns a return on equity of -5.9%. Net debt stands at 224M SEK. Fundamentals as of Aug 13, 2026

Our scenario range runs from kr 0.1639 (bear case) to kr 0.3188 (bull case); at kr 0.3400, 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 share trades about 58% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -39% fair-value upside, at -27%, BONG screens cheaper 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.

Model 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
Highest evidence
Growth DCF kr 2.07 kr 2.55 kr 3.26 80
Rev-Margin DCF kr 1.21 kr 1.49 kr 1.87 74
ROIC Compounder kr 0.2300 kr 0.2500 kr 0.2700 72
All 14 models by family
DCF Models
FCF DCF kr 2.02 kr 2.53 kr 3.35 38
Owner Earnings kr 0.2500 kr 0.3000 kr 0.3900 31
5Y Revenue Exit kr 1.21 kr 1.43 kr 1.76 39
5Y EBITDA Exit kr 2.12 kr 3.00 kr 4.17 41
10Y Revenue Exit kr 1.58 kr 1.76 kr 1.94 36
10Y EBITDA Exit kr 2.06 kr 2.59 kr 3.15 37
Earnings-Based
EPV kr 0.2300 kr 0.2500 kr 0.2700 59
Multiples
EV/EBIT kr 0.5800 kr 0.7600 kr 0.9400 53
EV/EBITDA kr 2.56 kr 3.40 kr 4.24 54
EV/Revenue kr 0.5100 kr 0.7100 kr 0.9100 43
Asset-Based
NCAV (Graham) kr 1.01 kr 1.35 kr 2.02 50
Growth DCF
Growth DCF kr 2.07 kr 2.55 kr 3.26 80
Rev-Margin DCF kr 1.21 kr 1.49 kr 1.87 74
Economic Profit
ROIC Compounder kr 0.2300 kr 0.2500 kr 0.2700 72

Widest divergence: DCF Models (kr 1.76) versus Earnings-Based (kr 0.2500). Highest evidence: Growth DCF (80).

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Key figures & financial health

P/S ratio 0.08 TTM
EPS (TTM) kr -0.1500
Net margin -1.6% FY2025
Return on equity -5.9% TTM
Return on assets (EBIT) 2.9% avg 5y
Operating margin 2.1% TTM
More key figures
Growth
Revenue (TTM) 1.8B SEK TTM
Revenue growth (YoY) -9.1% 3y avg -5.8%
EPS growth (YoY) +115%
Balance sheet & cash flow
Free cash flow 69.2M SEK FY2025
Net debt 224M SEK FY2025 · ≈ 3.2 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 49/100

Of which business quality 47 · Market factors (momentum, volatility) 11

Profitability 30
Margins and returns on capital today
Quality Growth 36
Are margins and returns improving?
Cashflow 37
Earnings quality: real cash, not paper profit
Fin. Strength 32
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 33
Calm price path (market factor)
Momentum 1
Price trend over the last 3–12 months (market factor)
52W Momentum 5
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Bong AB (publ) provides light packaging and envelope products in Central Europe, South Europe, North Africa, the Nordics, and the United Kingdom.

Full company description

Bong AB (publ) provides light packaging and envelope products in Central Europe, South Europe, North Africa, the Nordics, and the United Kingdom. The company offers light packaging products, such as expanders and pockets, which include kraft paper mailers, cushioned paper mailers, air bubbles and all board mailers, corrugated packaging and flexible packaging for e-commerce and retail sectors, as well as manufacturing and selling envelopes in various shapes and sizes. It also provides gift and carrier bag solutions for brands within sectors like fashion, beauty, fine foods and department stores. In addition, the company offers solutions for distribution and packaging of information, advertising materials, and lightweight goods. The company offers its products under the e-Green, h-Green, AirPro Green, AirPro, and Tyvek brands. Bong AB (publ) was founded in 1737 and is headquartered in Kristianstad, Sweden.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Bong AB (publ) reported revenue of kr 1.8B in FY2025 versus kr 1.8B in FY2021, a compound +0.1%/yr. Reported net income was −kr 29.2M in FY2025.

Growth Quality 22/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
1.8B SEK
Latest YoY
−5.5%
Avg. revenue growth/yr (3Y) 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.
−5.8%
Avg. revenue growth/yr (5Y) 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.
−0.4%
Avg. revenue growth/yr (19Y) 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.
−0.5%
Value creation/yr We only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Revenue +0.1%/yr
FY21 kr 1.8B
FY22 kr 2.2B
FY23 kr 2.1B
FY24 kr 1.9B
FY25 kr 1.8B
Net income
FY21 kr 2.8M
FY22 kr 44.1M
FY23 −kr 4.7M
FY24 −kr 12.0M
FY25 −kr 29.2M

BONG screens 27% overvalued. Compare with Smurfit Westrock Plc, →

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Cite: Fair Value Calculator (2026). "Bong AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/BONG

Peer Group

Packaging & Containers · 275 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.

Quality Score 49 · Below median
Fair Value upside −27% · Below median
Return on assets 0% · Below median
Net margin (TTM) -2% · Bottom 25%
Operating margin (TTM) 2% · Below median
Revenue growth -9% · Bottom 25%
Dividend yield (TTM) 2.1% · Below median
Debt / equity 0.20× · Higher than median

Valuation Multiples vs Packaging & Containers median · lower = cheaper

P/FCF 0.1× · Cheaper than 75% of peers
PEG 0.74× · Cheaper than median

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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 13
FUTURE0 · sector 1
PAST0 · sector 21
HEALTH90 · sector 93
DIVIDEND43 · sector 44

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.

None of the checked exposures detected

Similar stocks

10 more Packaging & Containers stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Smurfit Westrock Plc, SW $49.25 $22.66 -54%
Packaging Corporation PKG $246.68 $122.63 -50%
International Paper Company IP $41.39 $21.44 -48%
Amcor plc AMCR $46.52 $18.79 -60%
Ball Corporation BALL $61.67 $36.57 -41%
Crown Holdings CCK $119.08 $118.59 -0%
Avery Dennison Corporation AVY $182.33 $113.05 -38%
CCL Industries Inc CCLA C$93.99 C$77.64 -17%
Stora Enso Oyj STEAV €9.74 €11.42 +17%
SIG Group SIGN CHF 13.66 CHF 8.32 -39%

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Frequently asked questions

Is Bong AB (publ) (BONG) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of kr 0.2484 versus a price of kr 0.3400, about −27% (overvalued).
What is the fair value of BONG?
Our model-based fair value for Bong AB (publ) is kr 0.2484 (as of Aug 13, 2026), built from audited fundamentals. The current price: kr 0.3400.
What is the quality score of BONG?
Bong AB (publ) has a Quality Score of 49/100. 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 revenue of Bong AB (publ) (BONG)?
Bong AB (publ) reported trailing-twelve-month revenue of about 1.8B SEK (latest available figure, as of Aug 13, 2026).
What is the net profit margin of BONG?
The net profit margin of Bong AB (publ) is about -1.8%, meaning it is currently running at a net loss. Based on the latest reported figures.

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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