The investment case in a nutshell
We believe that GrandVision’s (GRRDF) goal to grow its top line by a 5% CAGR over the next five years is more than achievable and that it could surprise on the upside, especially once external growth is considered. Organic growth is supported by structural drivers such as an ageing population, an underpenetrated market as well as an increasing use of electronic devices as well as specific company initiatives. Furthermore, the high level of industry fragmentation offers plenty of opportunities for external growth.
We think that the business model is