Declared Dividend • May 21
Dividend of kr1.70 announced Shareholders will receive a dividend of kr1.70. Ex-date: 13th November 2026 Payment date: 19th November 2026 Dividend yield will be 1.8%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is covered by earnings (33% earnings payout ratio) but not covered by cash flows (158% cash payout ratio). The dividend has increased by an average of 5.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 48% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Upcoming Dividend • May 06
Upcoming dividend of kr1.70 per share Eligible shareholders must have bought the stock before 13 May 2026. Payment date: 20 May 2026. Payout ratio is a comfortable 33% but the company is paying out more than the cash it is generating. Trailing yield: 1.9%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (2.7%). New Risk • Apr 24
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 16% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 24
First quarter 2026 earnings released: EPS: kr2.97 (vs kr2.34 in 1Q 2025) First quarter 2026 results: EPS: kr2.97 (up from kr2.34 in 1Q 2025). Revenue: kr8.24b (up 14% from 1Q 2025). Net income: kr316.0m (up 27% from 1Q 2025). Profit margin: 3.8% (up from 3.4% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 23
Full year 2025 earnings released: EPS: kr9.55 (vs kr9.53 in FY 2024) Full year 2025 results: EPS: kr9.55 (up from kr9.53 in FY 2024). Revenue: kr28.4b (up 21% from FY 2024). Net income: kr1.02b (flat on FY 2024). Profit margin: 3.6% (down from 4.3% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jan 31
Final dividend of kr1.70 announced Shareholders will receive a dividend of kr1.70. Ex-date: 13th May 2026 Payment date: 20th May 2026 Dividend yield will be 2.3%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is covered by both earnings (36% earnings payout ratio) and cash flows (64% cash payout ratio). The dividend has increased by an average of 8.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 50% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 30
Full year 2025 earnings released: EPS: kr9.55 (vs kr9.53 in FY 2024) Full year 2025 results: EPS: kr9.55 (up from kr9.53 in FY 2024). Revenue: kr28.4b (up 21% from FY 2024). Net income: kr1.02b (flat on FY 2024). Profit margin: 3.6% (down from 4.3% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Jan 09
Gränges AB (publ) to Report Fiscal Year 2025 Final Results on Mar 17, 2026 Gränges AB (publ) announced that they will report fiscal year 2025 final results on Mar 17, 2026 Recent Insider Transactions • Nov 14
President & CEO recently sold kr2.8m worth of stock On the 11th of November, Jorgen Rosengren sold around 20k shares on-market at roughly kr140 per share. This transaction amounted to 9.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Jorgen has been a net seller over the last 12 months, reducing personal holdings by kr473k. Upcoming Dividend • Nov 06
Upcoming dividend of kr1.60 per share Eligible shareholders must have bought the stock before 13 November 2025. Payment date: 19 November 2025. Payout ratio is a comfortable 36% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of British dividend payers (5.5%). Lower than average of industry peers (3.3%). Reported Earnings • Oct 24
Third quarter 2025 earnings released: EPS: kr2.27 (vs kr2.68 in 3Q 2024) Third quarter 2025 results: EPS: kr2.27 (down from kr2.68 in 3Q 2024). Revenue: kr6.93b (up 21% from 3Q 2024). Net income: kr242.0m (down 15% from 3Q 2024). Profit margin: 3.5% (down from 5.0% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 24
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 8.6% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (8.6% operating cash flow to total debt). Minor Risk Paying a dividend despite having no free cash flows. Duyuru • Sep 15
Gränges AB (publ), Annual General Meeting, May 12, 2026 Gränges AB (publ), Annual General Meeting, May 12, 2026, at 15:30 W. Europe Standard Time. Location: stockholm Sweden Reported Earnings • Jul 13
Second quarter 2025 earnings released: EPS: kr2.62 (vs kr2.95 in 2Q 2024) Second quarter 2025 results: EPS: kr2.62 (down from kr2.95 in 2Q 2024). Revenue: kr6.97b (up 14% from 2Q 2024). Net income: kr278.0m (down 12% from 2Q 2024). Profit margin: 4.0% (down from 5.1% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 17% per year. Declared Dividend • May 20
Dividend of kr1.60 announced Shareholders will receive a dividend of kr1.60. Ex-date: 13th November 2025 Payment date: 19th November 2025 Dividend yield will be 2.5%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is covered by earnings (33% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 58% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • May 12
Gränges AB (Publ) Approves Dividend, Payable on May 19, 2025, and on November 19, 2025 Respectively Gränges AB (publ) announced at the AGM held on May 12, 2025, approved on a dividend of SEK 3.20 per share and that the remaining profits are carried forward. The dividend is to be divided into two payments of SEK 1.60 per payment. The General Meeting further resolved, in accordance with the Board of Directors’ proposal, that the record date for the first dividend shall be May 14, 2025, and the record date for the second dividend shall be November 14, 2025. The dividend is expected to be paid out by Euroclear Sweden AB on May 19, 2025, and on November 19, 2025. Duyuru • May 10
Gränges Announces Sofia Hedevåg Decides to Leave as SVP Sustainability Gränges announced that Sofia Hedevåg, SVP Sustainability, has decided to leave her role to pursue new opportunities outside the Group. Sofia has been employed at Gränges since 2017 and has been a member of the Group Management since 2021. Upcoming Dividend • May 06
Upcoming dividend of kr1.60 per share Eligible shareholders must have bought the stock before 13 May 2025. Payment date: 19 May 2025. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of British dividend payers (5.9%). Lower than average of industry peers (4.5%). Reported Earnings • Apr 27
First quarter 2025 earnings released: EPS: kr2.34 (vs kr2.23 in 1Q 2024) First quarter 2025 results: EPS: kr2.34 (up from kr2.23 in 1Q 2024). Revenue: kr7.23b (up 33% from 1Q 2024). Net income: kr249.0m (up 5.1% from 1Q 2024). Profit margin: 3.4% (down from 4.4% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 14% per year. Duyuru • Apr 01
Gränges AB (publ) Proposes Dividend, Payable on May 19, 2025, and November 19, 2025 Gränges AB (publ) at its AGM to be held on May 12, 2025, proposed that the retained earnings of SEK 3,817,579,559 be appropriated as follows: Payment to the shareholders of a dividend of SEK 340,187,578 which is equivalent to SEK 3.20 per share, and the remaining amount of SEK 3,477,391,982 to be carried forward. It is proposed that the dividend is divided into two payments of SEK 1.60 per payment. The first record date is proposed to be May 14, 2025, and the second record date is proposed to be November 14, 2025. If the General Meeting resolve in accordance with the proposal, the dividend is expected to be distributed through Euroclear Sweden AB on May 19, 2025, and on November 19, 2025. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: kr9.53 (vs kr9.50 in FY 2023) Full year 2024 results: EPS: kr9.53 (up from kr9.50 in FY 2023). Revenue: kr23.5b (up 4.4% from FY 2023). Net income: kr1.01b (flat on FY 2023). Profit margin: 4.3% (down from 4.5% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 16% per year. Declared Dividend • Feb 10
Final dividend of kr3.20 announced Shareholders will receive a dividend of kr3.20. Ex-date: 13th May 2025 Payment date: 19th May 2025 Dividend yield will be 3.6%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is covered by earnings (34% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 59% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 31
Full year 2024 earnings released: EPS: kr9.53 (vs kr9.50 in FY 2023) Full year 2024 results: EPS: kr9.53 (up from kr9.50 in FY 2023). Revenue: kr23.5b (up 4.4% from FY 2023). Net income: kr1.01b (flat on FY 2023). Profit margin: 4.3% (down from 4.5% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Duyuru • Jan 31
Gränges AB (publ), Annual General Meeting, May 12, 2025 Gränges AB (publ), Annual General Meeting, May 12, 2025, at 15:30 W. Europe Standard Time. Location: iva conference center, grev turegatan 16, stockholm. Sweden Duyuru • Jan 30
Gränges AB (publ) to Report Fiscal Year 2024 Final Results on Mar 18, 2025 Gränges AB (publ) announced that they will report fiscal year 2024 final results on Mar 18, 2025 Recent Insider Transactions • Nov 28
President & CEO recently bought kr1.8m worth of stock On the 25th of November, Jorgen Rosengren bought around 15k shares on-market at roughly kr123 per share. This transaction amounted to 10% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Jorgen's only on-market trade for the last 12 months. Upcoming Dividend • Nov 04
Upcoming dividend of kr1.50 per share Eligible shareholders must have bought the stock before 11 November 2024. Payment date: 15 November 2024. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (4.3%). Reported Earnings • Oct 24
Third quarter 2024 earnings released: EPS: kr2.68 (vs kr3.12 in 3Q 2023) Third quarter 2024 results: EPS: kr2.68 (down from kr3.12 in 3Q 2023). Revenue: kr5.75b (up 3.1% from 3Q 2023). Net income: kr285.0m (down 14% from 3Q 2023). Profit margin: 5.0% (down from 6.0% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 14
Second quarter 2024 earnings released: EPS: kr2.95 (vs kr2.97 in 2Q 2023) Second quarter 2024 results: EPS: kr2.95 (down from kr2.97 in 2Q 2023). Revenue: kr6.15b (up 2.3% from 2Q 2023). Net income: kr314.0m (flat on 2Q 2023). Profit margin: 5.1% (down from 5.3% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 2.1% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Duyuru • May 09
Gränges AB (publ) Approves Dividend, Payable on May 16, 2024 and November 15, 2024 Gränges AB (publ) announced that at the AGM was held on May 8, 2024, the company approved a dividend of SEK 3 per share and that the remaining profits are carried forward. The dividend is to be divided into two payments of SEK 1.50 per payment. The General Meeting resolved that the record date for the first dividend shall be May 13, 2024, and the record date for the second dividend shall be November 12, 2024. The dividend is expected to be paid out by Euroclear Sweden AB on May 16, 2024, and on November 15, 2024. Upcoming Dividend • May 03
Upcoming dividend of kr1.50 per share Eligible shareholders must have bought the stock before 10 May 2024. Payment date: 16 May 2024. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of British dividend payers (5.9%). Lower than average of industry peers (3.9%). Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: kr2.23 (vs kr2.39 in 1Q 2023) First quarter 2024 results: EPS: kr2.23 (down from kr2.39 in 1Q 2023). Revenue: kr5.43b (down 9.0% from 1Q 2023). Net income: kr237.0m (down 6.7% from 1Q 2023). Profit margin: 4.4% (up from 4.3% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: kr9.50 (vs kr6.59 in FY 2022) Full year 2023 results: EPS: kr9.50 (up from kr6.59 in FY 2022). Revenue: kr22.5b (down 8.1% from FY 2022). Net income: kr1.01b (up 44% from FY 2022). Profit margin: 4.5% (up from 2.9% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Duyuru • Feb 20
Gränges AB (publ) Announces Board Changes Gränges AB (publ) announced that Katarina Lindström and Hans Porat are not available for re-election and will leave the Board of Directors in conjunction with the AGM. Katarina Lindström and Hans Porat will leave the Board of Directors in conjunction with the 2024 AGM. They were both elected to Gränges' Board in 2016 and have taken a highly active role, in particular regarding the acquisitions of Noranda in the US in 2016 and Aluminium Konin in Poland in 2020, as well as the development of Gränges' Navigate strategy for sustainable growth. Katarina has been a member of the Audit Committee, and Hans has been a member of the Remuneration Committee. Duyuru • Jan 30
Gränges AB (publ) to Report Fiscal Year 2023 Results on Mar 19, 2024 Gränges AB (publ) announced that they will report fiscal year 2023 results on Mar 19, 2024 Reported Earnings • Jan 26
Full year 2023 earnings released: EPS: kr9.50 (vs kr6.59 in FY 2022) Full year 2023 results: EPS: kr9.50 (up from kr6.59 in FY 2022). Revenue: kr22.5b (down 8.1% from FY 2022). Net income: kr1.01b (up 44% from FY 2022). Profit margin: 4.5% (up from 2.9% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Nov 08
President & CEO recently bought kr1.1m worth of stock On the 2nd of November, Jorgen Rosengren bought around 10k shares on-market at roughly kr112 per share. This transaction amounted to 7.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Jorgen's only on-market trade for the last 12 months. Duyuru • Oct 27
Gränges AB (Publ) Provides Earnings Guidance for the Fourth Quarter 2023 Gränges AB (publ) provided earnings guidance for the Fourth quarter 2023. For the quarter, company expect sales volume roughly in line with the same quarter 2022. Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: kr3.13 (vs kr1.47 in 3Q 2022) Third quarter 2023 results: EPS: kr3.13 (up from kr1.47 in 3Q 2022). Revenue: kr5.58b (down 9.7% from 3Q 2022). Net income: kr332.0m (up 113% from 3Q 2022). Profit margin: 6.0% (up from 2.5% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Duyuru • Jul 16
Gränges AB (publ) Provides Earnings Guidance for the Third Quarter of 2023 Gränges AB (publ) provided earnings guidance for the third quarter of 2023. The company expects the third quarter to behave something like the second quarter. This translates into an expected decline year-on-year by a mid- to high single-digit percentage when it comes to sales volume, and that also corresponds then, of course, to decline relative to the second quarter of 2023. The operating profit per tonne to be weaker sequentially than the second quarter of 2023, but The company expects it to be stronger than last year. The company expects slightly lower sales volume in the third quarter versus second quarter. New Risk • Jul 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks High level of debt (47% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Jul 14
Second quarter 2023 earnings released: EPS: kr2.97 (vs kr2.78 in 2Q 2022) Second quarter 2023 results: EPS: kr2.97 (up from kr2.78 in 2Q 2022). Revenue: kr6.01b (down 13% from 2Q 2022). Net income: kr316.0m (up 7.1% from 2Q 2022). Profit margin: 5.3% (up from 4.3% in 2Q 2022). Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 12% per year. Duyuru • Jul 14
Gränges AB (publ) to Report Q1, 2024 Results on Apr 25, 2024 Gränges AB (publ) announced that they will report Q1, 2024 results on Apr 25, 2024 Duyuru • Jun 15
Gränges AB (Publ) Announces Dividend Payable on 21 June 2023 Gränges AB (Publ) announced that the General Meeting resolved, in accordance with the Board of Directors’ proposal, on a dividend of SEK 2.50 per share with the record date of 16 June 2023. The dividend is expected to be paid out by Euroclear Sweden AB on 21 June 2023. Upcoming Dividend • Jun 08
Upcoming dividend of kr2.50 per share at 2.5% yield Eligible shareholders must have bought the stock before 15 June 2023. Payment date: 21 June 2023. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (7.9%). Buying Opportunity • May 25
Now 20% undervalued Over the last 90 days, the stock is up 10%. The fair value is estimated to be kr122, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 7.4%. Revenue is forecast to grow by 14% in 2 years. Earnings is forecast to grow by 60% in the next 2 years. Duyuru • May 04
Gränges AB (publ) Proposes Dividend, Payable on 21 June 2023 Gränges AB (publ) proposed a dividend of SEK 2.50 per share at its Annual General Meeting to be held on 14 June 2023. The proposed record date for the dividend is 16 June 2023. If the General Meeting resolves in accordance with the proposal, the dividend is expected to be distributed through Euroclear Sweden AB on 21 June 2023. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to kr97.98, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 8x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 137% over the past three years. Reported Earnings • Mar 20
Full year 2022 earnings released: EPS: kr6.59 (vs kr5.60 in FY 2021) Full year 2022 results: EPS: kr6.59 (up from kr5.60 in FY 2021). Revenue: kr24.5b (up 35% from FY 2021). Net income: kr700.0m (up 18% from FY 2021). Profit margin: 2.9% (down from 3.3% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Feb 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Employee Representative Director Emelie Gunnstedt was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Duyuru • Jan 27
Gränges AB (publ) to Report Q4, 2022 Final Results on Mar 16, 2023 Gränges AB (publ) announced that they will report Q4, 2022 final results on Mar 16, 2023 Reported Earnings • Jan 26
Full year 2022 earnings released: EPS: kr6.59 (vs kr5.60 in FY 2021) Full year 2022 results: EPS: kr6.59 (up from kr5.60 in FY 2021). Revenue: kr24.5b (up 35% from FY 2021). Net income: kr700.0m (up 18% from FY 2021). Profit margin: 2.9% (down from 3.3% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 2.1% decline forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 3% per year. Board Change • Jan 15
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Steve Armstrong was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improved over the past week After last week's 16% share price gain to kr88.55, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 6x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 3.0% over the past three years. Reported Earnings • Oct 21
Third quarter 2022 earnings released: EPS: kr1.47 (vs kr1.44 in 3Q 2021) Third quarter 2022 results: EPS: kr1.47 (up from kr1.44 in 3Q 2021). Revenue: kr6.17b (up 34% from 3Q 2021). Net income: kr156.0m (up 2.0% from 3Q 2021). Profit margin: 2.5% (down from 3.3% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 2.4% decline forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 8% per year. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 16% share price gain to kr95.20, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 5x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 14% over the past three years. Reported Earnings • Jul 16
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: kr6.88b (up 49% from 2Q 2021). Net income: kr295.0m (up 31% from 2Q 2021). Profit margin: 4.3% (down from 4.9% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 8.2%, compared to a 14% growth forecast for the industry in the United Kingdom. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 16% share price gain to kr94.10, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 6x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 17% share price gain to kr86.75, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 5x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 12% over the past three years. Recent Insider Transactions • May 11
Independent Director recently bought kr359k worth of stock On the 5th of May, Mats Backman bought around 5k shares on-market at roughly kr71.80 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr890k. Insiders have collectively bought kr2.2m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Apr 28
Independent Director recently bought kr890k worth of stock On the 22nd of April, Peter Carlsson bought around 10k shares on-market at roughly kr89.00 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr1.7m more in shares than they have sold in the last 12 months. Reported Earnings • Apr 27
First quarter 2022 earnings released: EPS: kr2.46 (vs kr2.25 in 1Q 2021) First quarter 2022 results: EPS: kr2.46 (up from kr2.25 in 1Q 2021). Revenue: kr6.08b (up 50% from 1Q 2021). Net income: kr261.0m (up 9.2% from 1Q 2021). Profit margin: 4.3% (down from 5.9% in 1Q 2021). Over the next year, revenue is forecast to grow 18%, compared to a 6.8% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 22
First quarter 2022 earnings released First quarter 2022 results: Revenue: kr6.08b (up 50% from 1Q 2021). Net income: kr261.0m (up 9.2% from 1Q 2021). Profit margin: 4.3% (down from 5.9% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 14%, compared to a 7.1% growth forecast for the industry in the United Kingdom. Recent Insider Transactions • Mar 22
Deputy CEO & CFO recently bought kr733k worth of stock On the 18th of March, Oskar Hellstrom bought around 9k shares on-market at roughly kr84.23 per share. This was the largest purchase by an insider in the last 3 months. Oskar has been a buyer over the last 12 months, purchasing a net total of kr820k worth in shares. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment deteriorated over the past week After last week's 17% share price decline to kr91.33, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 6x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 14% over the past three years. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improved over the past week After last week's 20% share price gain to kr117, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 7x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 43% over the past three years. Reported Earnings • Jan 28
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: kr5.60 (up from kr4.21 in FY 2020). Revenue: kr18.1b (up 65% from FY 2020). Net income: kr595.0m (up 64% from FY 2020). Profit margin: 3.3% (in line with FY 2020). Revenue exceeded analyst estimates by 5.9%. Over the next year, revenue is forecast to grow 13%, compared to a 8.5% growth forecast for the mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Recent Insider Transactions • Oct 24
General Counsel recently bought kr96k worth of stock On the 22nd of October, Niclas Nelson bought around 1k shares on-market at roughly kr96.27 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr1.8m more in shares than they have sold in the last 12 months. Reported Earnings • Oct 22
Third quarter 2021 earnings released: EPS kr1.44 (vs kr1.64 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: kr4.62b (up 80% from 3Q 2020). Net income: kr153.0m (up 23% from 3Q 2020). Profit margin: 3.3% (down from 4.8% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment deteriorated over the past week After last week's 16% share price decline to kr98.55, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 7x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 7.4% over the past three years. Executive Departure • Aug 05
CEO & President Johan Menckel has left the company On the 31st of July, Johan Menckel was replaced as CEO by Oskar Hellstrom. As of March 2021, Johan still personally held 52.00k shares (kr5.9m worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 5.79 years. Executive Departure • May 12
Independent Director has left the company On the 6th of May, Ragnhild Wiborg's tenure as Independent Director ended after 6.9 years in the role. As of December 2020, Ragnhild personally held only 1.18k shares (kr119k worth at the time). A total of 2 executives have left over the last 12 months. Upcoming Dividend • Apr 30
Upcoming dividend of kr1.10 per share Eligible shareholders must have bought the stock before 07 May 2021. Payment date: 14 May 2021. Trailing yield: 1.0%. Lower than top quartile of British dividend payers (4.1%). Lower than average of industry peers (5.0%). Recent Insider Transactions • Apr 26
Deputy CEO & CFO recently bought kr87k worth of stock On the 23rd of April, Oskar Hellstrom bought around 723 shares on-market at roughly kr120 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr300k. This was Oskar's only on-market trade for the last 12 months. Reported Earnings • Apr 24
First quarter 2021 earnings released: EPS kr2.25 (vs kr1.76 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: kr4.04b (up 32% from 1Q 2020). Net income: kr239.0m (up 80% from 1Q 2020). Profit margin: 5.9% (up from 4.3% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Mar 20
Full year 2020 earnings released: EPS kr4.21 (vs kr7.95 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: kr11.0b (down 8.1% from FY 2019). Net income: kr363.0m (down 40% from FY 2019). Profit margin: 3.3% (down from 5.0% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 22
New 90-day high: kr110 The company is up 18% from its price of kr93.20 on 24 November 2020. The British market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 31% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr260 per share. Recent Insider Transactions • Feb 12
Insider recently bought kr250k worth of stock On the 5th of February, Camilla Weiner bought around 3k shares on-market at roughly kr99.86 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr300k. Insiders have collectively bought kr2.2m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Feb 04
Insider recently bought kr298k worth of stock On the 28th of January, Paul Neutjens bought around 3k shares on-market at roughly kr94.63 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr1.6m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Feb 02
General Counsel recently bought kr93k worth of stock On the 28th of January, Niclas Nelson bought around 972 shares on-market at roughly kr95.50 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr245k. Insiders have collectively bought kr1.3m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jan 30
General Counsel recently bought kr93k worth of stock On the 28th of January, Niclas Nelson bought around 972 shares on-market at roughly kr95.50 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr245k. Insiders have collectively bought kr1.3m more in shares than they have sold in the last 12 months. 
