With 65% of debt at a fixed rate and maturities in 2025, Grifols’ gearing could drop to 4.9x in 2023, 3.8x in 2024
Morgan Stanley | After a series of acquisitions Grifols’ debt has increased to 10 billion euros (7xND/Ebitda). That said, with 65% of debt at a fixed rate and maturities in 2025, we expect gearing to drop to 4.9x in 2023 and 3.8x in 2024 (thanks to a recovery in profits). However, in the short term, with limited ways to reduce gearing, this is going to put pressure on the stock….