Grifols B : Q4 2022: strong sales momentum, in-line adj. EBITDA and material deleverage. Management plays FY 2023 guidance safe, below expected

>Plasma collection recovery keeps driving sales momentum (+35% y-o-y) - Q4 group sales grew by 35% (+21% cc) reaching € 1.7bn a touch ahead of our numbers and the consensus. Biopharma posted a robust +45% y-o-y growth (+35% l-f-l , +14% cc) to € 1.3bn driven by: i/ the upturn in plasma collection (+25% FY22 vs FY21) helped by the US southern border re-opening, ii/ robust IGg demand and price upticks, iii/ favourable customer mix and competitor shortage in AAT, iv/ SCI...