Slightly Increasing Our Grifols FVE Following 3Q Strength, but Shares Look Fairly Valued
Grifols reported strong third-quarter results, with 8.5% constant currency top-line growth and a steady adjusted EBITDA margin of 30.1%, that reflected a continuation of rapid growth in its core bioscience business and solid revenue growth for its diagnostics arm. We’re slightly raising our fair value estimate to $23.50 per ADR/EUR 20 per class B share as we’ve slightly boosted our long-term assumptions for immunoglobulin market growth. Shares now look fairly valued, and we think Grifols' strong...
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