EUR 400.00 For Business Accounts Only

GRIFOLS: A FLOOR ON THE OPERATING LEVEL (ANÁLISIS BANCO SABADELL)

A floor on the operating level. We lower our T.P. to € 27.00/sh. and reiterate our BUY recommendation.
We cut our estimates by -12% in EBITDA’22 in order to reflect slower recovery in plasma supply, lowering our T.P. to € 27.00/sh. (vs. previous € 33.50; +40% upside). We expect debt to be high in 2022 (6.7x NFD/EBITDA, due to the Biotest deal), but we think a capital increase is unlikely, and despite the competitive threats (which could affect >25% of sales BS(e)), we still see an appealing risk-reward ratio. With all this in mind, we expect the robust demand to lead to an improvement on the operating level in 2022 (+26% in EBITDA’22 BS(e)) and a rerating of the stock, which is trading -42% below pre-pandemic levels (15x EV/EBITDA’22; -43% vs. CSL). We reiterate our BUY recommendation.