Grifols Shares Look Fairly Valued; Hologic Deal Expected to Boost Margins in 2017
Grifols reported results for 2016 that were in line with our expectations, and we’re not making any changes to our EUR 17.50 per B share/$18.60 per ADR fair value estimates. Top-line growth of 3% was driven by a mix of steady bioscience growth (6.6% constant currency), and lower reimbursement in the diagnostics segment (4% sales decline), although diagnostics headwinds should reverse in 2017. EBITDA margin of 28.2% for the year should improve significantly (we model 31.8% EBITDA margin in 2017)....
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