Report
EUR 400.00
For Business Accounts Only
Covid-19 should not practically have any impact on its business, and thus we fine-tune our estimates slightly, reiterating our T.P. (€ 37.70/sh.; +24% upside). After shedding -12% since the beginning of the crisis (+20% vs. IBEX), the share price is trading at 16.8x EV/EBITDA’21e, at an appealing discount of -36% to CSL vs. -24% historically. Even in our negative scenario (4 quarters of recession and U-shaped recovery) where we would cut EBITDA by -15% in 2020-21 due to plasma supply shortage (unlikely following the strategic agreements in the US), the impact on T.P. would be limited (
GRIFOLS: NOT AFRAID OF COVID-19 (ANÃLISIS BANCO SABADELL)
Not Afraid of Covid-19. We reiterate BUY.Covid-19 should not practically have any impact on its business, and thus we fine-tune our estimates slightly, reiterating our T.P. (€ 37.70/sh.; +24% upside). After shedding -12% since the beginning of the crisis (+20% vs. IBEX), the share price is trading at 16.8x EV/EBITDA’21e, at an appealing discount of -36% to CSL vs. -24% historically. Even in our negative scenario (4 quarters of recession and U-shaped recovery) where we would cut EBITDA by -15% in 2020-21 due to plasma supply shortage (unlikely following the strategic agreements in the US), the impact on T.P. would be limited (
Underlying
Grifols (GRF SM)
Provider
Sabadell
Luis Arredondo
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