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Capral Ltd ASX:CAA

0 opened or increased0 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 1 managers in total.

Position history by manager 1 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

20222023202420252026

14 Apr 2021 to today

Commentary 2 comments

DateManagerActionSummary

27 Oct 2023Allan GrayHeldAllan Gray continues to hold Capral because the company's guided FY23 net profit after tax of $30 million against a market capitalisation of just over $150 million implies a price to free cash flow multiple of around five times, which Allan Gray considers extremely low relative to other listed companies. The manager notes the market appears to be pricing in a significant amount of downside risk, even allowing for a deeper downturn than currently expected. Capral remains one of the contrarian ideas populating Allan Gray's portfolios, which continue to look markedly different from the benchmark index as the manager pursues holdings it believes are mispriced by the broader market.

Building MaterialsInterview, price recorded $8.36

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14 Apr 2021Allan GrayHeldAllan Gray continues to hold its near 29% stake in Capral, built up over roughly a decade, and opposed the Allegro takeover bid because the board's decision to support the offer significantly undervalues the company. The manager questions the stated rationale of providing a liquidity event, arguing Capral's shares were no less liquid in 2021 than at any point over the prior 15 years. Allan Gray notes Capral had resolved its two key overhangs, a domestic manufacturing footprint and competition from undercutting Chinese imports, aided by a pandemic-driven shift toward local sourcing that could reverse as vaccination progresses. The manager also highlights that Capral's share price had risen 145% over the prior year after trading between $3 and $5 in 2018-2020, and that the company held tax losses roughly equal to its $104 million market capitalisation, high franking credits, and $49.4 million of net cash, raising doubts over whether the $7 offer reflected full value.

Building MaterialsArticle, price recorded $7.40

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 1 managers first commented on CAA.

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About Capral Ltd

Materials, Metals and Mining

Capral (ASX:CAA), an aluminium products manufacturer, has been highlighted by Allan Gray for its low valuation. In October 2023, Allan Gray noted that, based on guided 2023 profit of $30 million, Capral's market value of just over $150 million implied a price-to-earnings ratio of around five times. In April 2021, Allan Gray opposed a proposed Allegro deal, saying it would not support a bid it believed undervalued the company. Capral operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 2 comments from 1 fund manager, Allan Gray. Founded in 1936 and headquartered in Bundamba, Queensland, Capral manufactures and distributes fabricated and semi-fabricated aluminium products, including extrusions for residential and commercial construction, transport and industrial markets across Australia, and is the country's largest aluminium extruder.

Market cap: $192m
Price to earnings: 5.7x
Return on equity: 15.1%
Dividend yield: 2.6%
Price to book: 0.77x
Net margin: 5.3%
52-week range: $10.33 to $13.22

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Capral Ltd (ASX:CAA)?

Fund managers including Allan Gray have invested in Capral Ltd (ASX:CAA).

What opportunities or catalysts do fund managers highlight for Capral Ltd?

Allan Gray highlights Capral's low valuation of around five times earnings, which it believes undervalues the business.

What are the key risks to the Capral Ltd investment thesis, according to fund managers?

Allan Gray opposed an earlier takeover bid it saw as too low, and Capral's earnings depend on construction activity and aluminium prices.

What does Capral Ltd (ASX:CAA) do?

Capral Ltd. manufactures and distributes fabricated and semi-fabricated aluminum products. Founded in 1936 and headquartered in Bundamba, Australia, it operates three segments: Residential, Commercial, and Industrial. The Residential segment supplies aluminum for windows, doors, showers, wardrobes, and security products. The Commercial segment provides aluminum components for windows, doors, internal fit-outs, and commercial building applications. The Industrial segment offers aluminum extrusions and rolled products for industrial applications.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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