Bong: Blended fourth quarter

Research Update

2020-02-17

07:30

Overall the Q4-numbers were just below our expectations, mainly because of lower envelope sales and gross margins. However, Light Packaging showed continued solid growth and SG&A expenses for the group have declined. Hence earnings were not too far from our estimates. Paper prices are soft at the moment. We believe this will give Bong a chance to improve gross margins in the coming year.

HA

VW

Henrik Alveskog

Viktor Westman

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