Maintaining Our Grifols Valuation Following Solid 2018 Results; 20% SCIG Filed With FDA
Grifols reported fourth-quarter results that were slightly ahead of our expectations on the top line due to Bioscience division outperformance but slightly lower than our expectations on the bottom line due to more aggressive investments in R&D and business development, and we don't expect any significant changes to our EUR 22.50/$25.50 fair value estimate. The 9.2% constant currency growth for the Bioscience division in fourth-quarter 2018 (8% for the full year) reflected very strong demand...
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.
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