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 notre taux d’imposition (27%vs 26%). OC relevé à 28€ (vs 27€ préc.). Opinion ACHAT réitérée.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.
Since 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.
Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
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