Publication globalement en ligne, scénario inchangé - NEUTRE - OC 21,5€ (vs 22€)
Les résultats 2015 publiés hier ressortent globalement en ligne avec nos attentes et ne sont pas de nature à changer notre thèse d’investissement. Grifols fait partie des leaders de l’industrie du plasma sanguin mais son profil de croissance, très dépendant des ventes de la division Bioscience et notamment de l’immunoglobuline, présente de nombreux défis difficiles à surmonter à moyen/long terme. Ceci ne semble pas se refléter dans la valorisation actuelle (PEG 16 de 2,5x, PE 16 de 24,2x) même si celle-ci présente une décote face à son plus proche comparable CSL (2,8x et 26,4x). Nous réitérons notre recommandation à NEUTRE sur Grifols A avec un objectif abaissé à 21,5€ vs 22€ préc. Nous considérons toujours que la décote de l’action B est trop importante et renouvelons notre recommandation à ACHAT avec un objectif de 18€ vs 19€ préc.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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.