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GRIFOLS: WHAT DO WE EXPECT FROM THE INVESTOR DAY TO BE HELD ON 30 JUNE? (ANÁLISIS BANCO SABADELL)

GRF will hold its Investor Day 2022 on 30/06, where the highlights will be as follows:
 We do not expect relevant changes to its long-term guidance. Note that after the acquisition of Biotest (Sept’21), GRF announced it foresees € ~2.2 Bn of EBITDA (vs. € 1.98 Bn BS(e); € 1.97 Bn consensus) and € 2.8 Bn of EBITDA’26 (vs. € 2.52 Bn BS(e)). In terms of debt, the company expects it to below 4x NFD/EBITDA in 2023e, in line with our estimate (3.5x BS(e) and 3.4x consensus).