olivLaw · European equity research
Gränges AB GRNG.ST
Sweden · Nasdaq Stockholm · ISIN SE0006288015 · Vertical: Listed companies from Sweden
Gränges AB produces and processes rolled aluminium products for the automotive, HVAC, specialty packaging and battery markets, with operations in the Americas, Asia and Europe. Its 2025 net sales were split across the three regions, and Asia grew strongly as the Shandong plant was integrated, which makes its growth profile relevant now.
At the close of 05 Nov 2026, Gränges AB (GRNG.ST) stock was 168.10 SEK (−1.75% on the day), with market capitalisation 17.9 bn SEK, P/E 17.6 on diluted EPS of 9.54 SEK over the last 12 months, dividend yield 1.90%, beta 0.83, 52-week range 133.00–195.20 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 40.1
- weak (30–45)
- Bollinger (20, 2)
- 165.79 – 182.30
- in the lower half of the band · %B 0.14 · band width 9.5%
- SMA 50 / 200
- 174.96 / 170.37
- mixed trend
- MACD (12, 26, 9)
- -1.84 / -1.41
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.2% | −0.6% | −5.6 pp | — |
| 3 months | −9.8% | −4.2% | −5.6 pp | — |
| 6 months | −7.2% | +4.3% | −11.5 pp | — |
| Year to date | +15.4% | +7.5% | +7.9 pp | — |
| 1 year | +22.0% | +9.9% | +12.1 pp | −8.5% |
| 3 years | +51.7% | +49.8% | +1.9 pp | +12.3% |
| 5 years | +77.2% | +42.8% | +34.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 12.2, median 13.8, max 15.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 22.4 bn | 23.4 bn | 28.3 bn |
| Revenue YoY | unavailable | +4.9% | +20.9% |
| Net income | 1.0 bn | 1.0 bn | 1.0 bn |
| Net income YoY | unavailable | +0.3% | +0.2% |
| Diluted EPS | 9.48 | 9.51 | 9.54 |
| Diluted EPS YoY | unavailable | +0.3% | +0.3% |
| net % | 4.5% | 4.3% | 3.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 547.0 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 10.3 bn SEK
- Total assets
- 20.6 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 1.33x
- ROE
- 9.6%
- ROA
- 4.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 22.4 bn | 23.4 bn | 28.3 bn | esef· 26 Oct 2026verified |
| Operating income | 1.6 bn | 1.5 bn | 1.6 bn | esef· 26 Oct 2026verified |
| Interest expense | 352.0 m | 292.0 m | 298.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | 1.3 bn | 1.3 bn | 1.3 bn | esef· 26 Oct 2026verified |
| Income tax | 252.0 m | 240.0 m | 259.0 m | esef· 26 Oct 2026verified |
| Net income | 1.0 bn | 1.0 bn | 1.0 bn | esef· 26 Oct 2026verified |
| Diluted EPS | 9.48 | 9.51 | 9.54 | esef· 26 Oct 2026verified |
| Dividend per share | 2.50 | 3.00 | 3.20 | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 461.0 m | 850.0 m | 547.0 m | esef· 26 Oct 2026verified |
| Inventories | 3.7 bn | 5.1 bn | 5.5 bn | esef· 26 Oct 2026verified |
| Current assets | 6.9 bn | 9.6 bn | 10.1 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 7.6 bn | 9.4 bn | 8.4 bn | esef· 26 Oct 2026verified |
| Total assets | 16.7 bn | 21.4 bn | 20.6 bn | esef· 26 Oct 2026verified |
| Current liabilities | 4.5 bn | 7.7 bn | 7.6 bn | esef· 26 Oct 2026verified |
| Equity | 8.8 bn | 10.8 bn | 10.3 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 106.3 m | 106.3 m | 106.3 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 3.3 bn | 489.0 m | 1.3 bn | esef· 26 Oct 2026verified |
| Investing cash flow | -1.4 bn | -2.1 bn | -772.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | -2.3 bn | 1.9 bn | -750.0 m | esef· 26 Oct 2026verified |
| Dividends paid | 266.0 m | 319.0 m | 340.0 m | esef· 26 Oct 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 17.9 bn SEK
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 3.6% | 42 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.4x | 60 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.3x | 44 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 17.6x | 69 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.9% | 27 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet54/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial42/100 · 1/3 factors with a value
- Returns· partial27/100 · 1/2 factors with a value
- Valuation· partial69/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Gränges AB (GRNG.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 28.3 bn SEK in 2025; YoY growth 20.9%; net margin 3.6%; ROE 10.2%.
The estimated value range is 89.72–180.55 SEK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 118.83 SEK, the price of 168.10 SEK leaves a potential of -29.3% (value / price − 1) and a margin of safety of -41.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Shareholder yield (distributions): 1.9%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| GRNG.STGränges AB | 17.9 bn | 17.6 | 10.2% | 3.6% | +20.9% | +22% / +46% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
1- and 3-year price returns: for GRNG.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 109.96 Total return -33% · Per year -33% | 193.52 Total return 17% · Per year 17% | 290.28 Total return 75% · Per year 75% |
| 3 years | 130.43 Total return -17% · Per year -6% | 255.93 Total return 60% · Per year 17% | 418.00 Total return 158% · Per year 37% |
| 5 years | 154.71 Total return 2% · Per year 0% | 338.46 Total return 116% · Per year 17% | 601.92 Total return 278% · Per year 30% |
- Exit P/E± 63.98
- Net margin± 44.79
- Annual revenue growth± 33.40
- Annual dilution± 3.76
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Gränges AB produces and processes rolled aluminium products for the automotive, HVAC, specialty packaging and battery markets, with operations in the Americas, Asia and Europe. Its 2025 net sales were split across the three regions, and Asia grew strongly as the Shandong plant was integrated, which makes its growth profile relevant now.
SWOT
Strengths
- The company has a presence in three regions and a broad customer base across several industries, which reduces dependence on a single sector.
- A high share of recycled aluminium and validated climate commitments offer an advantage with customers seeking products with a small footprint.
- Recent investments in recycling, casting and rolling capacity may support efficiency and long-term competitiveness.
Weaknesses
- Operating profit depends on scrap aluminium margins, which fell and pressured results in Europe.
- Negative currency effects weighed on results in several regions, showing exposure to exchange rate movements.
- Profit per tonne in Asia was diluted by new sales from the newly integrated plant, whose profitability is still being consolidated.
Opportunities
- Demand from electric vehicles and battery applications could bring new volumes, especially following contracts already won.
- If HVAC demand recovers, the recently expanded capacity could be used more intensively, with a positive effect on fixed costs per unit.
- Rising demand for low-carbon products could support demand for the company's recycled aluminium and circular solutions.
Threats
- Trade tensions and market volatility could affect customer orders and production planning.
- Falling vehicle production could reduce volumes in the automotive segment, which is one of the most important.
- Costs linked to carbon emissions and environmental regulation could rise if climate policies tighten.
Risks
- Dependence on raw material supplyhigh
Shortages or poor quality of supplied materials could prevent production of some products, and difficulties at major suppliers could affect deliveries.
- Production disruptionshigh
Critical machinery failures, fires or power outages could halt production and lead to non-conforming products.
- Environmental and climate risksmedium
Emission rules, carbon costs and extreme weather events could increase costs or reduce volumes.
- Attracting and retaining staffmedium
A shortage of qualified staff in peripheral industrial locations could limit the ability to deliver products as customers require.
- IT and cybersecurity riskslow
Cyberattacks or system failures could interrupt production and financial reporting.
Investment thesis
What would need to be true (bull case)
- If demand for electric vehicles and batteries expands, contracts already won in Europe and Asia could support long-term volume growth.
- Integration of the Shandong plant and new recycling capacity could improve margins as production reaches the planned level.
- A position as a supplier with a low climate footprint could help the company win customers who set sustainability criteria.
What would break the thesis
- If scrap aluminium prices stay low, operating results in the regions could remain under pressure.
- A prolonged weakening in HVAC and automotive demand could limit volume growth in the coming years.
- Currency effects and trade tensions could reduce reported results in local currency terms.
What to watch
- Development of scrap aluminium margins and operating profit in EuropeQ1 2026
- Profitability of the Shandong plant and profit per tonne in Asia2026
- Development of HVAC and automotive demand in the Americas2026
- Progress toward the 2030 climate targets and reduction of scope 3 emissionsnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Gränges is a producer of rolled aluminium products, organised into three regions: Gränges Americas, Gränges Asia and Gränges Europe. The company sells to customers in automotive, HVAC, specialty packaging and other niches, including battery applications. The annual report notes that aluminium is the main raw material, and a significant part of it is recycled 1.
The business model depends on sales volumes, adjusted prices and scrap aluminium margins, which affect operating profit. The company pursues efficiency, recycling and customer partnerships as levers for strengthening its position. Expansion projects in Konin and Finspång were completed in 2025 1.
Gränges states an ambition to create circular and sustainable aluminium solutions, with a net-zero target by 2040 validated by the Science Based Targets initiative 1.
Segments
Gränges Americas
Segment net sales were 13 248 MSEK in 2025, with sales volume of 239.1 kton, and adjusted operating profit rose to 1 175 MSEK 1.
Gränges Asia
The segment grew quickly after the acquisition and integration of the Shandong plant, with net sales of 7 461 MSEK and volume of 205.3 kton in 2025. Adjusted operating profit was 341 MSEK, while profit per tonne fell due to new sales at lower margins 1.
Gränges Europe
In Europe net sales were 8 600 MSEK, with 190.2 kton sold, but adjusted operating profit fell to 275 MSEK due to lower scrap aluminium margins and negative currency effects 1.
Market context
Demand was mixed in 2025: it declined in HVAC after the high levels of 2024 and weakened in automotive due to lower vehicle production, but rose slightly in specialty packaging and niches. The company gained market share and grew total volumes, especially in the Americas 1.
Trade tensions and volatility marked the year, and industrial demand in parts of Europe remained weak. For the company, future demand in automotive and HVAC could determine the pace of volume growth 1.
Trends
- Growth in electric vehiclestailwind
Demand for aluminium components for batteries and electric vehicle platforms brought new contracts, particularly in Europe and Asia, which could support long-term volumes 1.
- Weaker HVAC demandheadwind
After the high levels of 2024, HVAC demand fell due to weaker consumer demand and stock adjustments at manufacturers and distributors 1.
- Aluminium recyclingmixed
Higher use of recycled aluminium reduces emissions and supports customer demand for products with a lower climate footprint, but it involves costs and supply risks 1.
- Trade policymixed
Trade measures have in some cases restored fair conditions for domestic producers in North America, although trade tensions have complicated planning 1.
Competitive position
The analysed source does not name competitors. The company states it differentiates through efficiency, recycling, customer partnerships and recently invested casting and rolling capacity 1.
In Asia, operating profit was affected by tough competition, suggesting price pressure remains an important factor in all regions 1.
- Unnamed competitors in Asia
The report mentions tough competition in the Asian market without naming companies.
- North American rolled product producers
Domestic North American producers indirectly benefit from the trade measures the report describes, without being named.
- European aluminium producers
The report mentions weak demand in Europe but does not name other producers.
- Primary aluminium suppliers
Sourcing primary aluminium with a low carbon footprint is described as part of the strategy, without named competitors.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Gränges AB · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.