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Gradus AD BUL:GR6 Stock Report

Last Price


Market Cap







01 Jul, 2022


Company Financials +
GR6 fundamental analysis
Snowflake Score
Future Growth4/6
Past Performance4/6
Financial Health5/6

GR6 Stock Overview

Gradus AD produces and sells poultry products in Bulgaria, Europe, and internationally.

Gradus AD Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Gradus AD
Historical stock prices
Current Share Priceлв1.38
52 Week Highлв1.55
52 Week Lowлв1.26
1 Month Change0.73%
3 Month Change3.76%
1 Year Change-2.13%
3 Year Change-19.30%
5 Year Changen/a
Change since IPO-24.59%

Recent News & Updates

Shareholder Returns

GR6BG FoodBG Market

Return vs Industry: GR6 exceeded the BG Food industry which returned -6.5% over the past year.

Return vs Market: GR6 underperformed the BG Market which returned 12.6% over the past year.

Price Volatility

Is GR6's price volatile compared to industry and market?
GR6 volatility
GR6 Average Weekly Movement6.6%
Food Industry Average Movement4.7%
Market Average Movement5.6%
10% most volatile stocks in BG Market10.3%
10% least volatile stocks in BG Market2.8%

Stable Share Price: GR6 is not significantly more volatile than the rest of BG stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: GR6's weekly volatility (7%) has been stable over the past year.

About the Company


Gradus AD produces and sells poultry products in Bulgaria, Europe, and internationally. The company operates through three segments: Meat and Meat Products, Breeding Eggs, and Trade in Grain and Components. It provides fresh and frozen chicken products; chicken specialties; and sausages and delicacies.

Gradus AD Fundamentals Summary

How do Gradus AD's earnings and revenue compare to its market cap?
GR6 fundamental statistics
Market Capлв336.18m
Earnings (TTM)лв10.43m
Revenue (TTM)лв155.62m


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
GR6 income statement (TTM)
Cost of Revenueлв100.81m
Gross Profitлв54.81m
Other Expensesлв44.39m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date


Earnings per share (EPS)0.043
Gross Margin35.22%
Net Profit Margin6.70%
Debt/Equity Ratio1.7%

How did GR6 perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is GR6 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for GR6?

Other financial metrics that can be useful for relative valuation.

GR6 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue2.1x
Enterprise Value/EBITDA17.1x
PEG Ratio1.1x

Price to Earnings Ratio vs Peers

How does GR6's PE Ratio compare to its peers?

GR6 PE Ratio vs Peers
The above table shows the PE ratio for GR6 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average10.5x
ZHZA Zaharni Zavodi AD
SLR Slantcho AD
BTH Bulgartabac Holding AD
GR6 Gradus AD

Price-To-Earnings vs Peers: GR6 is expensive based on its Price-To-Earnings Ratio (32.2x) compared to the peer average (10.5x).

Price to Earnings Ratio vs Industry

How does GR6's PE Ratio compare vs other companies in the European Food Industry?

Price-To-Earnings vs Industry: GR6 is expensive based on its Price-To-Earnings Ratio (32.2x) compared to the BG Food industry average (9.6x)

Price to Earnings Ratio vs Fair Ratio

What is GR6's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

GR6 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio32.2x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate GR6's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of GR6 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: GR6 (BGN1.38) is trading below our estimate of fair value (BGN2.81)

Significantly Below Fair Value: GR6 is trading below fair value by more than 20%.

Price to Earnings Growth Ratio

PEG Ratio: GR6 is poor value based on its PEG Ratio (1.1x)

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Future Growth

How is Gradus AD forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score


Future Growth Score 4/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: GR6's forecast earnings growth (28.3% per year) is above the savings rate (0.9%).

Earnings vs Market: GR6's earnings (28.3% per year) are forecast to grow faster than the BG market (8.9% per year).

High Growth Earnings: GR6's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: GR6's revenue (12.5% per year) is forecast to grow faster than the BG market (9.1% per year).

High Growth Revenue: GR6's revenue (12.5% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: GR6's Return on Equity is forecast to be low in 3 years time (7.7%).

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Past Performance

How has Gradus AD performed over the past 5 years?

Past Performance Score


Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: GR6 has high quality earnings.

Growing Profit Margin: GR6's current net profit margins (6.7%) are higher than last year (5.1%).

Past Earnings Growth Analysis

Earnings Trend: GR6's earnings have declined by 25.8% per year over the past 5 years.

Accelerating Growth: GR6's earnings growth over the past year (46.5%) exceeds its 5-year average (-25.8% per year).

Earnings vs Industry: GR6 earnings growth over the past year (46.5%) exceeded the Food industry -6.9%.

Return on Equity

High ROE: GR6's Return on Equity (3.1%) is considered low.

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Financial Health

How is Gradus AD's financial position?

Financial Health Score


Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: GR6's short term assets (BGN86.7M) exceed its short term liabilities (BGN15.4M).

Long Term Liabilities: GR6's short term assets (BGN86.7M) exceed its long term liabilities (BGN18.9M).

Debt to Equity History and Analysis

Debt Level: GR6 has more cash than its total debt.

Reducing Debt: Insufficient data to determine if GR6's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: GR6's debt is well covered by operating cash flow (209.7%).

Interest Coverage: GR6 earns more interest than it pays, so coverage of interest payments is not a concern.

Balance Sheet

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What is Gradus AD current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 1/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: GR6's dividend (6.52%) is higher than the bottom 25% of dividend payers in the BG market (2.17%).

High Dividend: GR6's dividend (6.52%) is low compared to the top 25% of dividend payers in the BG market (6.75%).

Stability and Growth of Payments

Stable Dividend: GR6 has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: GR6 has only been paying a dividend for 3 years, and since then payments have fallen.

Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (169.3%), GR6's dividend payments are not well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (329.2%), GR6's dividend payments are not well covered by cash flows.

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How experienced are the management team and are they aligned to shareholders interests?


Gradus AD has no CEO, or we have no data on them.


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Gradus AD's employee growth, exchange listings and data sources

Key Information

  • Name: Gradus AD
  • Ticker: GR6
  • Exchange: BUL
  • Founded: 1992
  • Industry: Packaged Foods and Meats
  • Sector: Food, Beverage & Tobacco
  • Implied Market Cap: лв336.180m
  • Shares outstanding: 243.61m
  • Website:

Number of Employees


  • Gradus AD
  • 110B Simonovsko shose boulevard
  • 4 Floor
  • Sofia
  • Bulgaria


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/07/01 00:00
End of Day Share Price2022/07/01 00:00
Annual Earnings2021/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.