Grifols A : Reinitiation of coverage with a Neutral recommendation. Gradual operating recovery is fairly priced in
>Leverage peak has been reached in H1 2022 (9.0x) - We expect leverage to gradually improve in the near term (forecast of 7.9x in 2022 and 5.7x in 2023), supported by the recovery of plasma collection and cost optimization, although inflation and high donor compensation fees will continue to be a drag on profitability compared with pre-covid levels. The improving operating performance should lead to positive FCF from 2023 onwards, while cash generation will be muted...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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