Gränges AB (publ) (GRNG.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-46.1%

SEK 90.94

vs SEK 168.70 price

Levered DCF

SEK 72.13

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.76

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	15.27×	13.82×	12.21×	12.96×	18.95×	23.8×	12.46×	8.81×
P/B	1.6×	1.37×	1.4×	1.11×	1.63×	1.45×	1.73×	1.57×
P/S	0.55×	0.6×	0.55×	0.37×	0.62×	0.79×	0.62×	0.47×
EV / EBITDA	8.12×	7.85×	6.42×	7.04×	9.91×	10.51×	8.18×	6.34×
Gross margin	10.4%	34.1%	32.3%	27.4%	29.5%	36.6%	35.0%	31.9%
Operating margin	5.5%	6.5%	7.0%	4.6%	4.6%	5.3%	7.0%	7.3%
Net margin	3.6%	4.3%	4.5%	2.9%	3.3%	3.3%	5.0%	5.3%
Current ratio	1.33×	1.25×	1.53×	1.49×	1.34×	1.3×	1.62×	1.8×
Debt / equity	0.5×	0.53×	0.39×	0.62×	0.59×	0.76×	0.88×	0.68×
Interest coverage	5.47×	5.38×	4.61×	4.24×	8.96×	4.42×	5.93×	7.9×
Dividend yield	2.2%	2.3%	2.2%	2.6%	1.0%	0.0%	3.2%	3.7%
Payout ratio	33.5%	31.5%	26.3%	34.1%	19.7%	0.0%	40.3%	33.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.5%	9.9%	11.5%	8.5%	8.6%	6.1%	13.9%	17.8%
Return on invested capital	7.8%	7.1%	9.5%	6.3%	5.6%	4.2%	8.4%	11.0%
Return on assets	4.9%	4.7%	6.1%	4.0%	3.8%	2.7%	5.7%	7.8%
Free cash flow yield	2.0%	-6.0%	16.8%	1.2%	1.3%	9.9%	-2.0%	8.4%
Earnings yield	6.5%	7.2%	8.2%	7.7%	5.3%	4.2%	8.0%	11.3%
Enterprise value	SEK 19.8B	SEK 18.6B	SEK 15.3B	SEK 13.2B	SEK 14.6B	SEK 11.7B	SEK 10.5B	SEK 8.2B
Net debt / EBITDA	1.78×	1.95×	1.25×	2.22×	2.24×	2.73×	2.38×	1.67×
Cash conversion cycle (days)	87	114	76	82	75	36	-59	31