Optimisation salutaire de la structure financière - ACHAT - OC 24€ (vs 23€)
Le groupe a annoncé hier matin une opération de refinancement portant sur la quasi-totalité de sa dette (6,3Mds$). Celle-ci permet de réduire le coût de la dette de -1%. La relution estimée sur nos BNA 2017e est de +7,3%. Le groupe souhaite désormais se désendetter mais nous n’excluons pas une petite acquisition sur la division Hôpital d’ici 2018. Après ajustement des frais financiers 2017 et révision du coût de la dette dans notre modèle (4,1% vs 5,1% préc.), nous relevons notre objectif à 24€ (vs 23€) sur Grifols A et à 21€ (vs 20€) sur Grifols B. Opinion ACHAT maintenue.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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