Analyst Research Report Snapshot

Title:

GRAMMER - VALUE + MARGIN GROWTH

Price:

$10.00

Provider:

Edison Investment Research

Date:

05 Apr 2013

Pages:

2

Type:

AcrobatPDF

Companies referenced:

GMMG.DE

Available for Immediate Download
Summary:

Grammer trades on low historic multiples (P/BV = 1.1x and EV/S = 0.3x). We expect group margins to improve over the next 12-18 months due to a cyclical recovery in the Brazilian heavy truck market. This could be a catalyst for the stock to re-rate, provided the Automotive division remains stable. Grammer’s strong balance sheet and cash flow provides scope for value enhancing bolt-on acquisitions. Grammer recently bought Nectec, a Czech headrests supplier with sales of €35m, and management provided details of two similar sized deals in the pipeline.

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