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Grammer AG (GMM) Fair Value & Analysis

Consumer Cyclical · DE · Market cap €145M

GA Grammer AG GMM · XETRA
Price€11.20
Fair Value€25.20
Upside+125.0%
Quality50/100
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Strengths

Trades 125% below our fair value of €25.20

Risks

!Weak Growth
!Thin margins · 1.3% net margin
!High debt · generates free cash flow
!Mixed vs. peers (7/15)
Weak Growth
Thin margins · 1.3% net margin
High debt · generates free cash flow
Mixed vs. peers (7/15)
Narrow moat 33/100
Evidence: High Range €14.12 – €38.69 Share as image

Fair value as of: Aug 13, 2026

From 25 valuation models · updated 7 days ago

Share price −2.6% over the past month.

A solid business, screening 125% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (€14.12). The market is more pessimistic than our downside scenario.
  • The model range is unusually wide (€14.12 to €38.69). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (50/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

€27.80 €4.78 Fair Value €25.20 Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range €4.78 – €27.80 · fair‑value band €14.12 – €38.69 · the €11.20 price screens below the €25.20 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Grammer AG (GMM) currently trades at €11.20, while our model-based Fair Value estimate is €25.20, implying the stock looks roughly 125.0% undervalued today. The Quality Score stands at 50/100 (solid quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Grammer AG generated revenue of €1.8B at a net margin of 1.3%. Revenue declined 5.2% year over year. It earns a return on equity of 8.5%. Net debt stands at €423M. Fundamentals as of Aug 13, 2026

Our scenario range runs from €14.12 (bear case) to €38.69 (bull case); at €11.20, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 107% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -52% fair-value upside, at 125%, GMM screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF €16.99 €25.39 €34.63 80
Residual Income €10.28 €11.56 €16.89 76
Rev-Margin DCF €13.18 €25.54 €38.85 74
All 25 models by family
DCF Models
FCF DCF €16.61 €25.90 €36.56 38
Owner Earnings €4.67 €10.44 €17.07 31
5Y Revenue Exit €13.18 €24.98 €39.22 39
5Y EBITDA Exit €34.00 €61.80 €92.75 41
5Y P/E Exit €11.72 €22.39 €32.80 38
10Y Revenue Exit €13.90 €23.64 €35.23 36
10Y EBITDA Exit €25.58 €44.85 €68.39 37
10Y P/E Exit €13.68 €22.15 €31.25 35
Earnings-Based
Graham-Dodd €10.71 €24.60 €31.57 54
PEG = 1.0 €4.12 €5.89 €7.66 46
EPV €2.04 €4.07 €5.73 59
Dividend Discount
Gordon GGM €4.31 €6.26 €7.98 70
DDM Multi-Stage €4.31 €5.80 €7.13 61
Multiples
P/E Multiple €25.98 €34.64 €43.30 63
P/S Multiple €20.08 €26.77 €33.46 58
P/B Multiple €20.08 €26.77 €33.46 55
EV/EBIT €25.30 €38.71 €52.12 53
EV/EBITDA €57.86 €82.12 €106.39 54
EV/Revenue €12.19 €23.81 €35.43 43
Asset-Based
NCAV (Graham) €5.98 €8.01 €11.96 50
Growth DCF
Growth DCF €16.99 €25.39 €34.63 80
Rev-Margin DCF €13.18 €25.54 €38.85 74
Economic Profit
Residual Income €10.28 €11.56 €16.89 76
ROIC Compounder €2.04 €4.07 €5.73 72
Growth Earnings
Growth-Adj P/E €19.48 €27.83 €36.18 68

Widest divergence: Growth Earnings (€27.83) versus Economic Profit (€4.07). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €1.8B
Revenue growth (YoY) -5.2%
Net margin 1.3%
Return on equity 8.5%
Free cash flow €60.2M FY2025
P/E ratio 7.8
More key figures
Operating margin 5.0%
EPS (TTM) €1.43
EPS growth (YoY) +5.0%
Net debt €423M FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 50/100

Of which business quality 48 · Market factors (momentum, volatility) 84

Profitability 39
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 46
Earnings quality: real cash, not paper profit
Fin. Strength 11
Balance sheet, leverage, solvency risk
Investment 91
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 98
Price trend over the last 3–12 months (market factor)
52W Momentum 100
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Grammer AG engages in the development, production, and sale of components and systems for car interiors worldwide. The company offers headrests, armrests, center console systems, and interior components to automotive OEMs and their system suppliers.

Full company description

Grammer AG engages in the development, production, and sale of components and systems for car interiors worldwide. The company offers headrests, armrests, center console systems, and interior components to automotive OEMs and their system suppliers. It also provides driver and passenger seats for trucks; driver seats for offroad vehicles, such as tractors, construction machinery, and forklifts; and seats and seating systems for trains and buses to commercial vehicle OEMs, bus and rolling stock OEMs, and railway operators. The company was founded in 1880 and is headquartered in Ursensollen, Germany. Grammer AG operates as a subsidiary of Ningbo Jifeng Auto Parts Co., Ltd.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Grammer AG reported revenue of €1.8B in FY2025 versus €1.9B in FY2021, a compound −1.1%/yr. Reported net income was €23.5M in FY2025, compounding +88.7%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€1.8B
Latest YoY
−5.2%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−5.5%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+1.3%
Avg. growth/yr (23Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.7%
Revenue −1.1%/yr
FY21 €1.9B
FY22 €2.2B
FY23 €2.1B
FY24 €1.9B
FY25 €1.8B
Net income +88.7%/yr
FY21 €1.9M
FY22 −€77.8M
FY23 €1.8M
FY24 −€92.5M
FY25 €23.5M
Character of growth · EPS growth decomposed (2014-2025) −13.1 % p.a.
Revenue per share +0.0 pp

of which total revenue +2.9 pp · buybacks/dilution −3.0 pp

EBIT margin +1.2 pp
Tax rate −3.9 pp
Residual (interest, one-offs) −10.4 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Grammer AG Fair Value". https://www.fairvalue-calculator.com/stock/GMM.XETRA

Peer Group

Auto Parts · 647 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 50 · Below median
Fair Value upside +125% · Top 25%
Return on equity (TTM) 8% · Above median
Return on assets 2% · Below median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 5% · Below median
Revenue growth -5% · Below median
Dividend yield (TTM) 7.5% · Top 25%
Debt / equity 2.11× · Higher than 75% of peers

Valuation Multiples vs Auto Parts median · lower = cheaper

P/E (TTM) 7.8× · Cheaper than 75% of peers
P/B 0.95× · Cheaper than median
P/S (TTM) 0.09× · Cheaper than 75% of peers
P/FCF 2.8× · Pricier than median
EV/EBITDA 3.2× · Cheaper than 75% of peers
PEG 1.78× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 18
FUTURE0 · sector 24
PAST34 · sector 26
HEALTH0 · sector 95
DIVIDEND100 · sector 31

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Auto Parts stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

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Bosch Limited BOSCHLTD ₹48,700 ₹11,534 -76%
Bharat Forge Limited BHARATFORG ₹2,082 ₹393.20 -81%
Uno Minda Limited UNOMINDA ₹1,232 ₹426.57 -65%
Schaeffler India Limited SCHAEFFLER ₹4,126 ₹1,412 -66%
Hankook Tire & Technology Co 161390 71,500 KRW 196,479 KRW +175%
Balkrishna Industries Limited BALKRISIND ₹2,376 ₹1,237 -48%
Endurance Technologies Limited ENDURANCE ₹2,987 ₹1,384 -54%

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Frequently asked questions

Is Grammer AG (GMM) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of €25.20 versus a price of €11.20, about +125% (undervalued).
What is the fair value of GMM?
Our model-based fair value for Grammer AG is €25.20 (as of Aug 13, 2026), built from audited fundamentals. The current price: €11.20.
What is the quality score of GMM?
Grammer AG has a Quality Score of 50/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Grammer AG (GMM)?
Grammer AG reported trailing-twelve-month revenue of about €1.8B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of GMM?
The net profit margin of Grammer AG is about 1.3%, meaning it keeps roughly 1.3% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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