Report
Martial Descoutures

Une publication contrastée - NEUTRE - OC 20,3€ (vs 22,5€)

Après la publication des résultats T1 16 et dans l’attente des journées investisseurs de début juin, nous maintenons nos estimations sur la Bioscience et le Diagnostic. Nous ajustons néanmoins les ventes non récurrentes de Raw Materials, l’impact change sur 2016, le taux d’imposition et notre valorisation par comparables en intégrant Biotest. Nous maintenons notre opinion à NEUTRE sur Grifols A avec un objectif de 20,3€ vs 22,5€ précédemment et à ACHAT sur Grifols B avec un objectif de 17,3€ vs 19€ précédemment.
Underlying
Grifols S.A. Class A

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.

Provider
Invest Securities
Invest Securities

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.

Analysts
Martial Descoutures

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