Redeye: Bong - Blended fourth quarter

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.

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This is a press release from Redeye - Research Powered Investment Banking. https://www.redeye.se/about/