Added to YB: 2026-08-27
Pitch date: 2026-08-25
GRVO.PA [bullish]
Graines Voltz S.A.
+1.11%
current return
Author Info
Dismissed & Asset Backed has their heads stuck in 10Ks and 10Qs of 'old world' businesses trading below tangible book value. Sign up for the newsletter.
Company Info
Graines Voltz S.A. distributes flower and vegetable seeds in France and internationally. The company also offers vegetables, aromatics, and herbs.
Market Cap
EUR 26.8M
Pitch Price
EUR 17.95
Price Target
41.40
Dividend
N/A
EV/EBITDA
15.90
P/E
24.76
EV/Sales
0.61
Sector
Distributors
Category
value
Graines Voltz (GRVO) – A Net-Net That is Sowing the Seeds of a Turnaround
GRVO.PA (overview): French seed/young-plant distributor, quality net-net: P/TB 0.54x, P/NCAV 0.71x; sub-0.55x P/TB on only 1.5% of days since '09. 10y median ROCE 10%; €30m divs/decade vs €27m mkt cap. Deep-value cause: 2022 €27m raise at €145 (P/TB 8.4x) to fund M&A-led growth that never delivered — stock down ~90% since, possible institutional overhang. New external CEO Bony (Oct '24, ~11.4% look-through) shifting expansion→repair: net debt €34.1m from €46.4m, inventories -€8.4m, capex cut; but 1H25/26 still weak (op profit -37%, production loss-making, nursery restructuring central). Author normalization: FY28 EBITDA ~€13.5m→6x EV/EBITDA gives €41.4/sh (+130%, ~32% CAGR); 1x TB path ~36% CAGR. Divs suspended, no obvious asset-sale/corporate catalyst; Dec '25 succession restructuring makes take-private less likely. Sole analyst PT €21.50. Author owns no shares.
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