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Grenke

GLJ.DE Small Cap

Financial Services · Credit Services

Updated: May 22, 2026, 22:06 UTC

€12.62
-1.56% today
52W: €11.90 – €19.82
52W Low: €11.90 Position: 9.1% 52W High: €19.82

Key Metrics

P/E Ratio
9.71x
Price-to-Earnings
Forward P/E
6.34x
Forward Price/Earnings
P/S Ratio
0.82x
Price-to-Sales
EV/EBITDA
—
Enterprise Value/EBITDA
Div. Yield
3.33%
Annual dividend yield
Market Cap
$557.5M
Market Capitalization
Revenue Growth
10.2%
YoY Revenue Growth
Profit Margin
10.72%
Net profit margin
ROE
5.6%
Return on Equity
Beta
1.39
Market sensitivity
Short Interest
—
% of float sold short
Avg. Volume
105,345
Average daily volume

Valuation Analysis

Signal
Undervalued
vs. S&P 500 avg P/E (24.7x)
Analyst Consensus
Buy
5 analysts
Avg. Price Target
€20.24
+60.38% upside
Target Range
€11.00 – €28.00

About the Company

Grenke AG, together with its subsidiaries, provides financial services to small and medium-sized (SME) enterprises in Germany, France, Italy, and internationally. It is involved in the financing for commercial lessees; leasing, services, protection, and maintenance offers, as well as small-ticket leasing of IT products, such as PCs, notebooks, servers, monitors, and other peripheral devices. The company also offers leasing portfolio that includes office communication products comprising telecommunications and copying equipment, as well as medical technology products, small machines and equipment, security devices, and green economy objects, including wall boxes, photovoltaic systems, and eBikes. In addition, it provides fixed-term deposits for private and commercial customers through its w

Sector: Financial Services Industry: Credit Services Country: Germany Employees: 2,500 Exchange: GER

Grenke Stock at a Glance

Grenke (GLJ.DE) is currently trading at €12.62 with a market capitalization of $557.5M. The trailing P/E ratio stands at 9.71x, with a forward P/E of 6.34x. The 52-week range spans from €11.90 to €19.82; the current price is 36.3% below the yearly high. Year-over-year revenue growth stands at +10.2%. The net profit margin stands at 10.72%.

💰 Dividend

Grenke pays an annual dividend of €0.42 per share, representing a yield of 3.33%. The payout ratio stands at 30.77%.

📊 Analyst Rating

5 analysts rate Grenke (GLJ.DE) on consensus: Buy. The average price target is €20.24, implying +60.38% from the current price. Analyst price targets range from €11.00 to €28.00.

Investment Thesis: Strengths & Weaknesses

Strengths
  • High gross margin of 82.52% — indicates pricing power
  • Analyst consensus: Buy
  • Currently flagged as undervalued
  • Solid dividend yield of 3.33%
Weaknesses
  • –High leverage (D/E 361.33)

Technical Snapshot

50-Day MA
€12.82
-1.56% vs. price
200-Day MA
€14.78
-14.61% vs. price
Below 52W High
−36.3%
€19.82
Above 52W Low
+6.1%
€11.90

Price is below both the 50- and 200-day moving averages, with 50d below 200d — a bearish picture (death-cross alignment).

Risk Profile

Market Risk (Beta)
1.39 · Elevated
Moves more than the overall market
Debt-to-Equity
361.33 · High
Total debt / equity

The data points to market-like volatility, higher leverage relative to equity.

Trading Data

50-Day MA: €12.82
200-Day MA: €14.78
Volume: 74,685
Avg. Volume: 105,345
Short Ratio: —
P/B Ratio: 0.41x
Debt/Equity: 361.33x
Free Cash Flow: —

💵 Dividend Info

Dividend Yield
3.33%
Annual Rate
€0.42
Payout Ratio
30.77%

Grenke AG (GLJ.DE) 2026: 12,62 EUR German SME-IT-Equipment-Leasing Specialist at 0,41x P/B Deep-Value with Post-Viceroy-Short-Recovery, Founder-Anchor and 3,33 Percent Dividend Yield

The Real Story

Grenke AG (Xetra: GLJ) is a Baden-Baden, Germany-headquartered SME-IT-equipment-leasing-and-factoring specialist serving small-and-medium-sized enterprises across Germany, France, Italy, Netherlands, and broader-Europe. Lead products: IT-equipment leasing (computer hardware, printers, networking) for SME-customers; factoring services. Founded 1978 by Wolfgang Grenke who remains as Chairman.

The 2020-2024 period: Viceroy Research short-attack in September 2020 alleging accounting-irregularities triggered material share-price decline and management-and-board overhaul. Subsequent independent-audit-and-BaFin-investigation found no material accounting issues. Grenke has been in multi-year recovery mode through 2022-2025.

What Smart Money Thinks

Grenke has founder-family-aligned base. Wolfgang Grenke and family-affiliated entities hold approximately 40 percent — dominant founder-control anchor since 1978. BlackRock at approximately 5,2 percent, Allianz at approximately 3,8 percent. Short-interest sits at approximately 4 percent of float as of May 2026.

Explore the BMI Smart-Money Tracker →

📈 The 3 Real Bull Points

#1 0,41x P/B reflects extreme post-Viceroy-short-skepticism — re-rating to historical 0,8-1,0x P/B supports 100-150 percent upside

Grenke's 0,41x P/B reflects extreme post-Viceroy-short-attack and ECB-monetary-tightening overhang skepticism. Re-rating to historical 0,8-1,0x P/B supports 24-30 EUR share-price range.

#2 Forward-P/E 6,1x reflects deep-cyclical valuation — capital-return plus dividend support 12+ percent total annual return

3,33 percent dividend yield plus modest buyback supports 12+ percent annual total return at current valuation. EBITDA stability supports continued dividend.

#3 Wolfgang Grenke founder-anchor 40 percent provides long-duration discipline through cycle

Founder-Chairman Wolfgang Grenke's 40 percent ownership-control plus 47-year track-record provides structural long-duration discipline.

📉 The 3 Real Bear Points

#1 ECB-monetary-tightening compresses SME-leasing demand plus credit-loss provisioning risk

ECB-rate-environment compresses SME-IT-leasing-demand plus elevates credit-loss-provisioning. If European-SME-credit-environment-deteriorates 2026-2027, Grenke-earnings could compress.

#2 Viceroy-short-narrative-overhang persists despite independent-audit clearance

Viceroy-short-narrative-overhang persists 5+ years after attack. Renewed scrutiny or short-attack could trigger renewed-investor-trust-overhang.

#3 SME-credit-cycle-trough may extend — loan-loss provisioning compression risk

SME-credit-cycle weakness across Europe could compress Grenke's credit-loss provisioning compression risk.

Valuation in Context

Grenke at 12,62 EUR per share with approximately 44,2 million shares outstanding has a market capitalization of approximately 558 million EUR. Book value per share approximately 31 EUR — 0,41x P/B deep-discount.

Re-rating to 0,7-0,9x P/B supports 22-28 EUR price range — 74-122 percent upside. Bear-case 8-10 EUR. Bull-case 32-40 EUR. 3,33 percent dividend.

🗓️ Next 3 Catalyst Dates

  1. 2026 Q3:

    H1 2026 earnings (early August 2026). Watch-items: leasing-volume growth, credit-loss provisioning, ECB-rate-environment.

  2. 2027 Q1:

    Fiscal-2026 full-year results plus fiscal-2027 guidance.

  3. 2027 H2:

    ECB-rate-cycle-pivot plus continued post-Viceroy-recovery.

💬 Daniel's Take

Grenke AG is a deep-value German SME-IT-equipment-leasing specialist with post-Viceroy-short-recovery, Grenke founder-40-percent-control anchor, 0,41x P/B extreme-discount and 3,33 percent dividend. Position-sizing: 0,5–1,2 percent in deep-value-special-situation sleeve.

Sources (3)

Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.

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