Gränges AB (publ) (GRNG.ST) : juste valeur

Thèse ACCE

Gränges makes rolled aluminium products, mainly sheet and foil for heat exchangers in cars and the trucks and buses that carry them, plus battery-related and building material lines, with much of its output going to customers in Europe and Asia. The structural case rests on its position as a specialist supplier in automotive thermal management, where the switch to electrified vehicles raises aluminium content per car and the company's qualification with OEMs makes it hard to displace. The near-term driver is volume recovery and the ramp of its Finspång and Chinese operations, which have pushed revenue growth to 38.8% on the latest data, though with a 6.0% operating margin and 25.9% gross margin, the spread between the two shows how much of that top-line gain is passed through metal costs and how little is kept. What makes it worth a closer look now is the valuation against that growth: a 15.4x trailing and 14.2x forward P/E sits modestly above where a cyclical processor would normally trade, yet an 11.6% ROE is not yet the return profile that would justify a premium, so the question for the deeper work is whether margins can widen on the higher volumes or whether the growth is mostly metal price pass-through. The company is not in any major index, which may matter for liquidity and for how much research coverage it attracts.