Deep Value: cash covers more than 100% of the stock price

This company holds roughly $265M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Grammer AG

GMM.DE

Auto - Parts · Consumer Cyclical

Also trades as: 0OQX.L

Price

€11.10

-0.10 (-0.89%)

Market Cap

€165.5M

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Strong

Stability

Mixed

Valuation

Strong

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Winston Score History

The full picture

Grammer AG is a German company that makes seats and interior parts for vehicles. Its main products include seats for trucks, buses, tractors, and forklifts, as well as headrests and armrests for passenger cars. The company sells to large vehicle manufacturers like Volkswagen, Daimler, and CNH Industrial, making it a supplier deep inside the automotive and commercial vehicle industry.

Grammer earns money by selling these parts directly to vehicle manufacturers, meaning its revenue rises and falls with how many vehicles those customers produce. The company operates globally, with factories across Europe, North America, and Asia, and generates roughly €1.7 billion in annual revenue. Its thin margins — around 11% gross and 3% operating — leave little room for error, and its main risk is that any slowdown in truck or car production by its key customers quickly squeezes profits. A recovery in commercial vehicle demand, particularly in Europe, is the clearest near-term growth lever.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+7.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+357.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

88.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€226M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Grammer AG is growing revenue at 7% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 14.9M (2021) → 14.9M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

12.2%

Thin — 12.2% gross margin

Profit after running costs

Operating Margin

3.2%

Thin — 3.2% operating margin

Return on the money invested

ROCE

9.2%

Below par — 9.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+3.9%

Slow sales growth (+3.9% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

416%

Turns 416% of profit into real cash

Spare cash per sale

FCF Margin

4.3%

Thin free cash flow (4.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

1.37

Elevated debt (1.37)

Covers its interest

Interest Cover

2.10x

Tight — interest eats into profit (2.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

5.3x

Attractive valuation — P/E 5.3

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+0.7

GROWING

Earnings roughly flat

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Dividends

Not applicable for this business.

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