Report
Karen Andersen

Grifols Reports Solid 1Q Results; Weaker EBITDA This Year, But Raising FVE On Long-Term Strength

We’ve slightly raised our Grifols fair value estimate to EUR 21.50 per share/$25.50 per ADR, after accounting for near-term weakness in EBITDA margins and factor VIII sales headwinds, but also incorporating increasing efficiencies beyond 2018. Grifols reported solid constant currency growth in the first quarter, with 5.8% growth in the Bioscience segment (79% of total sales), despite a strong first quarter of 2017 for comparison purposes as well as stronger headwinds in the factor VIII business....
Underlying
GRIFOLS S.A.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Karen Andersen

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