Financials Grifols, S.A. OTC Markets

Equities

GIKLY

US3984382008

Pharmaceuticals

Market Closed - OTC Markets Other stock markets 09:08:54 14/05/2024 pm IST			5-day change	1st Jan Change
5.46 ^USD	+3.80%		+6.64%	-37.24%

15/05	GRIFOLS : In line Q1 and on track deleveraging; worth a go
14/05	Grifols, S.A. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	18,760	14,161	9,783	6,557	9,231	6,096	-	-
Enterprise Value (EV) ¹	25,225	20,597	16,478	15,716	18,568	15,348	14,820	14,316
P/E ratio	34.5 x	26.5 x	62.5 x	34.7 x	172 x	13.3 x	9.49 x	8.02 x
Yield	1.15%	0.71%	2.13%	-	-	-	2.58%	4.78%
Capitalization / Revenue	3.68 x	2.65 x	1.98 x	1.08 x	1.4 x	0.86 x	0.8 x	0.76 x
EV / Revenue	4.95 x	3.86 x	3.34 x	2.59 x	2.82 x	2.17 x	1.95 x	1.77 x
EV / EBITDA	17.9 x	13.9 x	17.1 x	12.9 x	12.8 x	8.55 x	7.01 x	6.34 x
EV / FCF	161 x	25.7 x	52.1 x	-56.7 x	-213 x	31 x	21.7 x	16.4 x
FCF Yield	0.62%	3.9%	1.92%	-1.76%	-0.47%	3.22%	4.61%	6.1%
Price to Book	4.46 x	1.99 x	1.89 x	1.19 x	1.79 x	1.18 x	0.94 x	0.86 x
Nbr of stocks (in thousands)	6,84,135	6,84,540	6,82,484	6,78,911	6,78,665	6,79,092	-	-
Reference price ²	31.43	23.88	16.88	10.77	15.46	10.18	10.18	10.18
Announcement Date	27/02/20	26/02/21	28/02/22	28/02/23	28/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,099	5,340	4,933	6,064	6,592	7,085	7,583	8,071
EBITDA ¹	1,407	1,479	961.5	1,221	1,455	1,795	2,113	2,257
EBIT ¹	1,131	996.1	595.1	805.7	1,023	1,216	1,578	1,683
Operating Margin	22.19%	18.65%	12.06%	13.29%	15.52%	17.17%	20.81%	20.86%
Earnings before Tax (EBT) ¹	817.1	878.6	350.5	361.3	224	828	1,138	1,220
Net income ¹	625.1	618.5	182.8	208.3	59.32	415.7	696.7	804.8
Net margin	12.26%	11.58%	3.71%	3.43%	0.9%	5.87%	9.19%	9.97%
EPS ²	0.9100	0.9000	0.2700	0.3100	0.0900	0.7650	1.073	1.269
Free Cash Flow ¹	156.6	802.2	316.1	-277.4	-87.14	494.6	683.9	873.4
FCF margin	3.07%	15.02%	6.41%	-4.57%	-1.32%	6.98%	9.02%	10.82%
FCF Conversion (EBITDA)	11.13%	54.24%	32.87%	-	-	27.56%	32.36%	38.71%
FCF Conversion (Net income)	25.05%	129.7%	172.91%	-	-	118.99%	98.16%	108.53%
Dividend per Share ²	0.3600	0.1700	0.3600	-	-	-	0.2627	0.4867
Announcement Date	27/02/20	26/02/21	28/02/22	28/02/23	28/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	2,677	2,537	1,198	1,198	2,396	1,405	1,543	2,810	1,541	1,713	3,254	1,561	1,663	3,225	1,597	1,770	1,626	1,805	1,743	1,892
EBITDA ¹	731.4	634.5	-	-	327	248.2	-	618.3	308	294	602.7	298.8	360.7	659.5	373.6	426.3	350.4	436	451.4	498.2
EBIT ¹	421.7	463.6	-	-	131.5	-	-	427.3	173.4	176.9	378.3	175.7	253.6	-	264.4	329.3	203.8	324	339.4	380
Operating Margin	15.75%	18.27%	-	-	5.49%	-	-	15.21%	11.25%	10.33%	11.63%	11.25%	15.25%	-	16.55%	18.61%	12.54%	17.95%	19.47%	20.09%
Earnings before Tax (EBT) ¹	-	378.2	-	-	-27.78	-	-	227.9	66.69	46.88	133.4	-84.17	103.2	19.05	99.59	105.4	47.06	-	-	-
Net income ¹	218.2	266.8	-	-	-84.01	-	-	143.6	45	20.07	64.63	-108.3	52.04	-56.22	59.54	55.99	21.42	117.5	129.4	119.9
Net margin	8.15%	10.52%	-	-	-3.51%	-	-	5.11%	2.92%	1.17%	1.99%	-6.93%	3.13%	-1.74%	3.73%	3.16%	1.32%	6.51%	7.43%	6.34%
EPS ²	-	0.3900	-0.0600	-	-0.1200	-	-	0.2100	-	-	0.1000	-	0.0800	-	-	-	0.0665	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	30/07/20	29/07/21	28/02/22	28/02/22	28/02/22	28/07/22	28/07/22	28/07/22	08/11/22	28/02/23	28/02/23	09/05/23	27/07/23	27/07/23	02/11/23	28/02/24	14/05/24	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,465	6,436	6,695	9,158	9,337	9,252	8,723	8,220
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.595 x	4.352 x	6.963 x	7.501 x	6.419 x	5.155 x	4.128 x	3.643 x
Free Cash Flow ¹	157	802	316	-277	-87.1	495	684	873
ROE (net income / shareholders' equity)	15.9%	12.5%	3.26%	3.57%	3.72%	7.8%	10.8%	11.4%
ROA (Net income/ Total Assets)	5.13%	4.01%	1.06%	1.02%	1.04%	2.05%	3.07%	3.06%
Assets ¹	12,193	15,409	17,254	20,384	5,701	20,279	22,674	26,268
Book Value Per Share ²	7.050	12.00	8.950	9.040	8.640	8.650	10.80	11.90
Cash Flow per Share ²	0.8300	1.620	0.8800	-0.0200	0.3100	0.9100	1.210	1.570
Capex ¹	412	308	281	266	295	595	368	370
Capex / Sales	8.09%	5.77%	5.69%	4.39%	4.48%	8.4%	4.85%	4.58%
Announcement Date	27/02/20	26/02/21	28/02/22	28/02/23	28/02/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Grifols, S.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

10.18 EUR

Average target price

16.81 EUR

Spread / Average Target

+65.10%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Biopharmaceuticals

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BEIJING WANTAI BIOLOGICAL PHARMACY ENTERPRISE CO., LTD.	-12.11%	11.79B
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SWEDISH ORPHAN BIOVITRUM AB	+7.79%	8.9B

Biopharmaceuticals