Grifols is engaged in developing, manufacturing and distributing a range of plasma derivative products. Plasma derivatives are proteins found in human plasma, which once isolated and purified, have therapeutic value. These protein-based therapies extend the lives of individuals who suffer from chronic and acute conditions. Co. also specializes in providing infusion solutions, nutrition products, medical devices, diagnostic instrumentation and reagents for use in hospitals and clinics. Co.'s products and services are used by healthcare providers in approximately 100 countries. Co.'s business is organized into three divisions: Bioscience, Diagnostic, Hospital and Raw Materials.
  • TickerGRF
  • ISINES0171996087
  • ExchangeMadrid Stock Exchange
  • SectorPharmaceuticals & Biotechnology
  • CountrySpain

Analysts

1 director bought

A director at Grifols Sa bought 6,000 shares at 17.450EUR and the significance rating of the trade was 61/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board me...

Maxime Kogge

Grifols : Fresh blood for your portfolio? Initiating coverage on Grifols and Kedrion

>Credit opinion: Stable on both names - Recommendation: Neutral GRFOLS 2025, Reduce KEDRIM 2022 - We initiate the two names with a stable credit view. Against a dynamic backdrop for plasma, Grifols and Kedrion are in the midst of costly and potentially disruptive expansion plans which should continue to exert pressure on credit ratios over the rest of 2019. The two players differ in terms of 1/ market position with Grifols a strong world's top three player and Kedrion a...

Maxime Kogge

Grifols : Blood on the streets? Initiating coverage on Grifols and Kedrion

>Credit opinion: Stable on both names - Recommendation: Neutral GRFOLS 2025, Reduce KEDRIM 2022 - We initiate the two names with a stable credit view. Against a dynamic backdrop for plasma, Grifols and Kedrion are in the midst of costly and potentially disruptive expansion plans which should continue to exert pressure on credit ratios over the rest of 2019. The two players differ in terms of 1/ market position with Grifols a strong world's top three player and Kedrion a...

Maxime Kogge

Grifols : Blood on the streets? Initiating coverage on Grifols and Kedrion

>Credit opinion: Stable on both names - Recommendation: Neutral GRFOLS 2025, Reduce KEDRIM 2022 - We initiate the two names with a stable credit view. Against a dynamic backdrop for plasma, Grifols and Kedrion are in the midst of costly and potentially disruptive expansion plans which should continue to exert pressure on credit ratios over the rest of 2019. The two players differ in terms of 1/ market position with Grifols a strong world's top three player and Kedrion a...

Olga Smolentseva ...
  • Thibaut Voglimacci-Stephanopoli

INVEST SECURITIES - GRIFOLS : Redressement de la marge brute, OPEX très élevées - NEUTRE, OC 24€

Maxime Kogge

Grifols : Fresh blood for your portfolio? Initiating coverage on Grifols and Kedrion

>Credit opinion: Stable on both names - Recommendation: Neutral GRFOLS 2025, Reduce KEDRIM 2022 - We initiate the two names with a stable credit view. Against a dynamic backdrop for plasma, Grifols and Kedrion are in the midst of costly and potentially disruptive expansion plans which should continue to exert pressure on credit ratios over the rest of 2019. The two players differ in terms of 1/ market position with Grifols a strong world's top three player and Kedrion a...

Maxime Kogge

Grifols : Blood on the streets? Initiating coverage on Grifols and Kedrion

>Credit opinion: Stable on both names - Recommendation: Neutral GRFOLS 2025, Reduce KEDRIM 2022 - We initiate the two names with a stable credit view. Against a dynamic backdrop for plasma, Grifols and Kedrion are in the midst of costly and potentially disruptive expansion plans which should continue to exert pressure on credit ratios over the rest of 2019. The two players differ in terms of 1/ market position with Grifols a strong world's top three player and Kedrion a...

Maxime Kogge

Grifols : Blood on the streets? Initiating coverage on Grifols and Kedrion

>Credit opinion: Stable on both names - Recommendation: Neutral GRFOLS 2025, Reduce KEDRIM 2022 - We initiate the two names with a stable credit view. Against a dynamic backdrop for plasma, Grifols and Kedrion are in the midst of costly and potentially disruptive expansion plans which should continue to exert pressure on credit ratios over the rest of 2019. The two players differ in terms of 1/ market position with Grifols a strong world's top three player and Kedrion a...

Remi Ramadou

GRIFOLS- 2Q18 Comments

Grifols, the Spanish provider of biological medicines, reported a good set of 2Q18 results, in line with those of the previous quarter. Yoy sales were down 3.0% to €1,131m mainly due to a negative FX change (EUR/USD), while organic sales growth came in at a satisfactory +6.7% similar to last quarter (+7.4%.)

Remi Ramadou

Grifols 1Q18 - Reassuring performance, which augurs well for FY18

Grifols, the Spanish company specialized in biological results, reported good 1Q18 results. Sales were down 3.6% yoy to €1.02bn, but this was mainly related to the depreciation of the USD against the Euro since Grifols generates 67% of its sales in North America. Stripping out the currency effects, sales were up 7.4% with all business segments contributing positively.

Olga Smolentseva ...
  • Thibaut Voglimacci-Stephanopoli

INVEST SECURITIES - GRIFOLS : Redressement de la marge brute, OPEX très élevées - NEUTRE, OC 24€

Martial Descoutures ...
  • Thibaut Voglimacci

Nouveau point d’entrée après les prises de profits - ACHAT - OC 28€ (vs 27€)

La correction du cours hier (-4,2%) suite à une publication T3 17 sans surprise forme un nouveau point d’entrée pour se positionner sur le pur-sang espagnol. Les éléments pouvant expliquer la baisse sont : (i) une comparaison injustifiée avec la croissance inédite des IG de Baxalta, (ii) une sortie en prévision d’un T4 plus compliqué sur les changes (€/$: -8%) et (iii) des prises de profits après une performance exceptionnelle (YTD : +42%). La valorisation actuelle n’intègre que partiellement les nombreux leviers sur les marges. Nous relevons nos prévisions de croissance pour la Bioscience et ...

Martial Descoutures ...
  • Thibaut Voglimacci

Diagnostic positif malgré tout - ACHAT - OC 27€

La publication des résultats T2 17 s’est révélée très solide, particulièrement sur la croissance du CA (+10,3%) grâce à une performance exceptionnelle de la division Diagnostic (+12,5% tcc). Cette tendance clairement positive nous conduit à relever nos estimations de CA. En revanche, 3 éléments entachent cette publication : (i) la hausse plus forte qu’anticipé des coûts du plasma pénalisant la marge, (ii) un impact change de -10m€ sur le résultat financier lié à des instruments dérivés et (iii) un taux d’imposition plus élevé qu’attendu. Malgré un abaissement de nos estimations BNA, nous conti...

Martial Descoutures ...
  • Thibaut Voglimacci

Sur une bonne dynamique - ACHAT - OC 27€ (vs 24€)

La publication des résultats T1 17 a été marquée par une croissance significative de la Bioscience (+11,9% tcc) qui contraste avec des marges impactées par l’augmentation du coût du plasma et des OPEX. Nous relevons nos estimations de ventes sur la Bioscience, augmentons nos estimations d’OPEX et abaissons le coût de la dette suite à la finalisation de l’opération de refinancement. Après mise à jour du modèle (WACC de 6,1% vs 6,3% préc.), notre OC dérivant d’une moyenne DCF (27€ vs 25€) et de comparables (27€ vs 24€) est relevé à 27€ (vs 24€).

Martial Descoutures ...
  • Thibaut Voglimacci

Des marges muselées par la forte demande - ACHAT - OC 24€

Suite à la publication annuelle du 28 février qui est ressortie globalement en ligne avec nos estimations avec une performance solide de la Bioscience (+6,5% lfl au T4) mais une légère déception sur la marge liée à des COGS plus importants que prévus dans un environnement d’augmentation des coûts du plasma. Nous ajustons légèrement nos estimations d’EBITDA de -2,6% et -3,6% sur 2017/18e. Il existe différents leviers qui devraient permettre au groupe d’améliorer sensiblement ses marges à MT qui nous semblent partiellement intégrés au cours actuel. Opinion ACHAT et OC maintenus sur Grifols A et ...

1 director bought

A director at Grifols Sa bought 6,000 shares at 17.450EUR and the significance rating of the trade was 61/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board me...

Eric Monnier

Top Picks Q2 Healthcare: From five names down to three

The least we can say about Q1 2018 is that it was another tough quarter for healthcare in general with few exceptions across the sector, despite early activity on the M&A front with Sanofi announcing the acquisitions of Bioverativ and Ablynx in January. This was not enough to prevent the sector from underperforming the general indices by 1.4pp (-6% in absolute terms). We assume this is mainly the reflection of shy 2018 guidance on average from most companies suggesting in the end another transition year with very limited growth, most of which coming from the positive impact of the US tax refor...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Grifols - AGM 23 May 2019

In item 5, the Board proposes to reappoint KPMG as the main auditor and Grant Thornton as joint auditor for the individual accounts of the parent company Grifols SA. We welcome the appointment of a joint auditor for the individual annual accounts, and audit fees paid to Grant Thornton are reasonable (€ 37'818 in 2018). However, we have serious concerns over the excessive tenure of KPMG, which has been the Company's auditor for the last 28 years. Hence, we recommend opposition. For the same reasons, we recommend that shareholders oppose the reappointment of KPMG as the sole auditor for the Grif...

Grifols – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Jérôme VINERIER

Short term view - GRIFOLS SA : Prices are making further progress.

The trend is bullish. Prices are making further progress. The targets are at €27.09 and then €28.10. The break of €21.60 would endanger the trend.

Jérôme VINERIER

Analyse court terme - GRIFOLS SA : La progression des cours se poursuit.

La tendance est haussière. La progression des cours se poursuit. Les objectifs sont à 27,09 € puis 28,10 €. La rupture de 21,60 € mettrait la tendance en danger.

Jérôme VINERIER

Short term view - GRIFOLS SA : Prices are making further progress.

The trend is bullish. Prices are making further progress. The targets are at €27.09 and then €28.10. The break of €21.60 would endanger the trend.

Jérôme VINERIER

Analyse court terme - GRIFOLS SA : La progression des cours se poursuit.

La tendance est haussière. La progression des cours se poursuit. Les objectifs sont à 27,09 € puis 28,10 €. La rupture de 21,60 € mettrait la tendance en danger.

Valérie GASTALDY

Analyse moyen terme - GRIFOLS SA : La tendance est incertaine.

La tendance est incertaine. Les cours baissent, et il y a une possibilité d'accélération baissière. Une nouvelle tendance baissière tente de démarrer.

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