Report
EUR 400.00
For Business Accounts Only
Following the release of the 3Q’22 Business Update, we cut our estimates by -6% and -29% in EBITDA and Net Profit’22-24 in order to reflect slower margin recovery and higher financial costs, bringing our estimates -7% and -20% below the consensus. We lower our T.P. by -26% to € 20.00 (+102% upside) after also rolling our model over and raising the WACC by +130bps. GRF has fallen -40% since the 1H’22 results due to its high debt level (8.6x NFD/EBITDA) and is trading at ~11x EV/EBITDA’23 (-44% vs. CSL), which we see as unjustified, and we still think the progressive operating recovery (+22% CAGR’22-24 in EBITDA) and the reduction to debt (organic and inorganic) will open the door to a rerating.
GRIFOLS: REVISION AFTER 3Q’22 BUSINESS UPDATE (ANÁLISIS BANCO SABADELL)
Revision after 3Q’22 Business Update. We cut our T.P. -26% and maintain our BUY recommendation.Following the release of the 3Q’22 Business Update, we cut our estimates by -6% and -29% in EBITDA and Net Profit’22-24 in order to reflect slower margin recovery and higher financial costs, bringing our estimates -7% and -20% below the consensus. We lower our T.P. by -26% to € 20.00 (+102% upside) after also rolling our model over and raising the WACC by +130bps. GRF has fallen -40% since the 1H’22 results due to its high debt level (8.6x NFD/EBITDA) and is trading at ~11x EV/EBITDA’23 (-44% vs. CSL), which we see as unjustified, and we still think the progressive operating recovery (+22% CAGR’22-24 in EBITDA) and the reduction to debt (organic and inorganic) will open the door to a rerating.
Underlying
Grifols (GRF SM)
Provider
Sabadell
Luis Arredondo
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