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
Disclosures and disclaimers