GRIFOLS: INVESTOR DAY 2021 - DELAYED RECOVERY IN SUPPLY (ANÁLISIS BANCO SABADELL)
Investor Day’21: delay in plasma supply, with little impact on the valuation. BUY.
The company cut its plasma supply’21 forecast to +10%/+20% (vs. +30% previous), now expecting sales to recover in 4Q’21 (vs. 2H’21 BS(e)), which in any event would have an impact of less than -1% on the T.P. GRF will make a bigger effort in R&D (6%-7% of sales vs. 5.5% currently) and keeps its NFD/EBITDA target of