Grifols : Fresh blood for your portfolio? Initiating coverage on Grifols and Kedrion
>Credit opinion: Stable on both names - Recommendation: Neutral GRFOLS 2025, Reduce KEDRIM 2022 - We initiate the two names with a stable credit view. Against a dynamic backdrop for plasma, Grifols and Kedrion are in the midst of costly and potentially disruptive expansion plans which should continue to exert pressure on credit ratios over the rest of 2019. The two players differ in terms of 1/ market position with Grifols a strong world's top three player and Kedrion 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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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