olivLaw · European equity research
Bong AB BONG.ST
Sweden · Nasdaq Stockholm · ISIN SE0000396061 · Vertical: Listed companies from Sweden
Bong AB is one of Europe's largest producers of envelopes and light packaging, with plants across several countries and a growing focus on e-commerce packaging. The company is going through a difficult year, with falling revenue and weak profitability, as digitalisation erodes demand for envelopes while growth in light packaging offers partial relief.
At the close of 05 Nov 2026, Bong AB (BONG.ST) stock was 0.30 SEK (−10.06% on the day), with market capitalisation 61.5 m SEK, beta 0.29, 52-week range 0.27–0.74 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 42.9
- weak (30–45)
- Bollinger (20, 2)
- 0.29 – 0.35
- in the lower half of the band · %B 0.06 · band width 18.2%
- SMA 50 / 200
- 0.31 / 0.49
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.00 / 0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.3% | −0.6% | −2.6 pp | — |
| 3 months | −16.4% | −4.2% | −12.3 pp | — |
| 6 months | −55.0% | +4.3% | −59.4 pp | — |
| Year to date | −55.7% | +7.5% | −63.2 pp | — |
| 1 year | −55.7% | +9.9% | −65.6 pp | −8.2% |
| 3 years | −67.6% | +49.8% | −117.4 pp | +12.3% |
| 5 years | −61.2% | +42.8% | −104.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 2.2 bn | 2.1 bn | 1.9 bn | 1.8 bn |
| Revenue YoY | unavailable | −3.5% | −8.3% | −5.5% |
| Net income | 44.1 m | -4.7 m | -12.1 m | -29.2 m |
| Net income YoY | unavailable | −110.7% | unavailable | unavailable |
| Diluted EPS | 0.21 | -0.02 | -0.06 | -0.14 |
| Diluted EPS YoY | unavailable | −109.5% | unavailable | unavailable |
| net % | 2.0% | -0.2% | -0.6% | -1.6% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 111.7 m SEK
- Financial debt
- 122.3 m SEK
- Net debt
- 10.5 m SEK
- Equity
- 512.2 m SEK
- Total assets
- 1.4 bn SEK
- Debt / equity
- 0.24x
- Current ratio
- 1.06x
- ROE
- -5.4%
- ROA
- -1.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 2.2 bn | 2.1 bn | 1.9 bn | 1.8 bn | esef· 28 Oct 2026verified |
| Cost of revenue | 1.8 bn | 1.8 bn | 1.6 bn | 1.5 bn | esef· 28 Oct 2026verified |
| Gross profit | 384.8 m | 327.5 m | 310.9 m | 278.0 m | esef· 28 Oct 2026verified |
| Operating income | 98.3 m | 43.6 m | 43.4 m | 15.9 m | esef· 28 Oct 2026verified |
| Interest expense | 37.4 m | 41.0 m | 42.2 m | 39.4 m | esef· 28 Oct 2026verified |
| Pre-tax income | 61.8 m | 4.1 m | 4.2 m | -22.3 m | esef· 28 Oct 2026verified |
| Income tax | 19.1 m | 10.8 m | 16.8 m | 6.7 m | esef· 28 Oct 2026verified |
| Net income | 44.1 m | -4.7 m | -12.1 m | -29.2 m | esef· 28 Oct 2026verified |
| Diluted EPS | 0.21 | -0.02 | -0.06 | -0.14 | esef· 28 Oct 2026verified |
Balance sheet · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 144.7 m | 129.4 m | 103.6 m | 111.7 m | esef· 28 Oct 2026verified |
| Receivables | 305.5 m | 303.5 m | 253.9 m | 231.5 m | esef· 28 Oct 2026verified |
| Inventories | 284.7 m | 224.7 m | 226.3 m | 193.6 m | esef· 28 Oct 2026verified |
| Current assets | 735.0 m | 657.5 m | 583.8 m | 536.9 m | esef· 28 Oct 2026verified |
| Property, plant & equipment, net | 370.1 m | 341.1 m | 391.8 m | 347.8 m | esef· 28 Oct 2026verified |
| Goodwill | 488.0 m | 475.5 m | 492.8 m | 468.8 m | esef· 28 Oct 2026verified |
| Intangibles (excl. goodwill) | 1.7 m | 2.7 m | 416.0 k | 1.6 m | esef· 28 Oct 2026verified |
| Total assets | 1.7 bn | 1.6 bn | 1.6 bn | 1.4 bn | esef· 28 Oct 2026verified |
| Long-term debt | 198.3 m | 41.7 m | 149.8 m | 122.3 m | esef· 28 Oct 2026verified |
| Current liabilities | 577.9 m | 657.0 m | 497.4 m | 504.2 m | esef· 28 Oct 2026verified |
| Equity | 571.8 m | 554.8 m | 573.4 m | 512.2 m | esef· 28 Oct 2026verified |
| Shares outstanding at year end | 210.1 m | 236.2 m | 201.0 m | 208.6 m | esef· 28 Oct 2026derived |
Cash flow · SEK
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 61.5 m SEK
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.3% | 17 (vs peers) | 29% |
| Net margin · Quality | -1.6% | 17 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -5.8% | 0 (on a fixed band) | 24% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.4x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.1x | 22 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet9/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality17/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Bong AB (BONG.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.8 bn SEK in 2025; YoY growth -5.5%; net margin -1.6%; ROE -5.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: 2.3%
- Net margin: -1.6%
- Revenue CAGR 3Y: -5.8%
- Interest coverage: 0.4x
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for BONG.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Bong AB is one of Europe's largest producers of envelopes and light packaging, with plants across several countries and a growing focus on e-commerce packaging. The company is going through a difficult year, with falling revenue and weak profitability, as digitalisation erodes demand for envelopes while growth in light packaging offers partial relief 1.
SWOT
Strengths
- Leading European position in envelopes and industrial presence in several countries.
- Environmental certifications and full traceability of the fine paper supply chain.
- Demonstrated growth in light packaging and paper bags, above the market level.
Weaknesses
- Low profitability, with weak operating and net results relative to revenue.
- High net debt relative to EBITDA, which limits financial flexibility.
- Significant dependence on the envelope segment, which is structurally contracting.
Opportunities
- Development of e-commerce packaging and recyclable solutions.
- Replacing plastic packaging with paper alternatives, if demand keeps growing.
- Production efficiency and cost reduction, which could improve margins.
Threats
- Continued digitalisation reducing envelope and printed direct mail volumes.
- High energy and raw material costs that could weigh on margins.
- Weak European economy and geopolitical uncertainty reducing consumer demand.
Risks
- Decline in envelope volumeshigh
Digitalisation could further reduce volumes in the main segment, affecting revenue and the use of production capacity.
- Debt and refinancinghigh
The level of net debt relative to EBITDA could limit the ability to fund investment or absorb shocks if results do not improve.
- Energy costsmedium
Higher energy prices could squeeze margins in an energy-intensive industry, especially if they cannot be passed on to customers.
- Shareholder concentrationmedium
A small number of major shareholders can influence decisions, and liquidity in a small cap stock is typically lower.
- Sustainability and supply chainlow
Problems with paper suppliers or certifications could affect reputation and access to certain customers, although the company considers these risks limited.
Investment thesis
What would need to be true (bull case)
- If light packaging and e-commerce keep growing, the company could partly offset the decline in envelopes.
- Its leading European position in envelopes and environmental certifications could support relationships with retail and public sector customers.
- If cost reduction and efficiency efforts deliver, margins could gradually recover.
What would break the thesis
- Digitalisation could keep reducing volumes in the main segment faster than other products compensate.
- Weak profitability and high net debt could limit the company's financial flexibility.
- If the European economy stays weak, demand for packaging and direct mail could remain subdued for an extended period.
What to watch
- Trend in revenue and operating profit in the quarterly reportQ1 2027
- Development of envelope volumes and light packaging sales2027
- Level of net debt and EBITDA following refinancingnext 10-K
- Impact of energy costs and efficiency measures on margins2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Bong makes envelopes, light packaging, paper bags and solutions for distributing information, promotional material and goods, mainly based on fine paper. The group operates production units in France, the United Kingdom, Germany, Sweden and Poland and has about a thousand employees 1. For 2024 the company reported net sales of 1 914 MSEK, down from 2 088 MSEK in 2023, and an operating profit of 43 MSEK 1.
The business model depends on purchases of fine paper, energy and consumables, with paper the dominant input and strict traceability requirements. Bong aims to reduce its environmental footprint through certifications such as ISO 14001 and ISO 9001 and the use of PEFC and FSC certified paper 1.
The company is listed on Nasdaq Stockholm Small Cap and has a concentrated shareholder base, with one major shareholder holding a significant share of votes and capital 1.
Segments
Envelopes
Envelopes are the company's main segment, with sales of 1 270 MSEK in 2024 compared with 1 452 MSEK in 2023. Sales followed a market in decline due to digitalisation, although direct mail benefited from a slight recovery 1.
Light packaging
Light packaging, including paper bags and e-commerce products, grew 4 % in constant currency, outperforming the market. Packaging net sales were 602 MSEK in 2024 1.
Paper bags
Paper bags, promoted as an alternative to plastic bags, grew 16 % in 2024 versus 2023, making them one of the company's most dynamic areas 1.
Market context
Macroeconomic demand in Europe remained weak in 2024, weighed down by the war in Ukraine, a poor investment climate and high energy costs. The European envelope market fell 3 % in volume, less than the long-term trend, but digitalisation continues to erode demand 1.
European e-commerce returned to growth in 2024 after two years of decline, and the company expects this to continue into 2025. Raw material prices are currently stable and suppliers, particularly paper mills, have sufficient capacity 1.
Trends
- Digitalisationheadwind
The shift to digital communication reduces volumes of traditional envelopes and puts structural pressure on Bong's main segment. The company says it will work to protect margins, but this pressure could persist over the long term 1.
- E-commerce growthtailwind
The return of physical goods sales through e-commerce favours light packaging and shipping products, where Bong has outperformed the market 1.
- Energy and production costsmixed
High energy costs in Europe add pressure on margins for a manufacturer with energy-intensive processes. The company has tried to reduce energy and input consumption, but energy remains a risk factor 1.
- Regulation and sustainabilitymixed
Demands for recyclable packaging and certified products can create opportunities for paper-based packaging, but also add compliance costs for producers 1.
Competitive position
Bong describes its position as one of the two largest European companies in the envelope segment, and competition comes from specialised European producers and broader packaging suppliers 1. The source does not identify US-listed competitors.
Competitive strengths include industrial presence in several European countries, environmental certifications and a broad range of distribution and packaging products, but a smaller scale than some global players may limit price negotiation 1.
- Leading European envelope competitor
According to the report, the company is among the two large European producers in the segment; the competitor is not named in the source.
- Regional European paper packaging producers
Regional competitors with plants in Western and Central Europe that sell through the same channels.
- E-commerce packaging suppliers
Companies offering shipping packaging solutions that compete for the same retail and e-commerce customers.
- Paper bag and paper packaging manufacturers
Competitors in the paper bag segment, which is growing as an alternative to plastic.
News & filings
In the press
- Bong Joon-ho's animated film 'Ally' to debut in S. Korea next JulyYonhap News (KR, EN) · 09 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202528 Oct 2026
- Annual report 202408 May 2025
- Annual report 202309 Jul 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Bong AB · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.