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Bong Q1: Significant improvement - Redeye

Redeye is encouraged by the significant improvement in margins for the first quarter. Despite lower sales on group level earnings beat our forecasts by a wide margin. Light Packaging is showing impressive growth while opex has been well contained, paving the way for the best quarterly results in many years. We are now growing more confident in Bong’s turn-around and will most likely make some positive revisions of our forecasts and valuation.

Redeye is encouraged by the significant improvement in margins for the first quarter. Despite lower sales on group level earnings beat our forecasts by a wide margin. Light Packaging is showing impressive growth while opex has been well contained, paving the way for the best quarterly results in many years. We are now growing more confident in Bong’s turn-around and will most likely make some positive revisions of our forecasts and valuation.
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