Report
Pierre François Merveille

Grifols A : What has changed 5 months after Gotham’s initial attack?

Grifols has been under great stress since the first attack from Gotham at the beginning of the year. Its share price has shed by -41% YTD vs. +9% for the IBEX 25 Index and its 2028 unsecured notes now trade at around 84% vs. 91% just before the release of Gotham’s initial report and a bottom price of 77% on 15 March. In total, the short seller disseminated four reports, criticizing inter-alia Grifols’ net leverage calculation (adjustments, minority interests…), related-party tran...
Underlying
Grifols S.A. Class 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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Pierre François Merveille

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