grifols

Relevant News Item 9th January 2024

Gotham City Research accuses Grifols of hiding Ebitda of over 10x behind artificial 6x figure

Gotham City Research, the investment fund that denounced the Gowex fraud and caused the company’s stock market collapse, has issued a negative report on Grifols on Tuesday. It considers that the Spanish pharmaceutical company has manipulated its accounts “to artificially reduce its leverage”. As a result, it considers that “the shares are not investable” because “they are probably worth zero”. Gotham accuses Grifols of having manipulated debt and Ebitda to…

Spanish economy 7th July 2023

Grifols: European Parliament postpones debate on plasma regulation

Bankinter : The legal proposal was to be discussed at the end of June, but has been left off the official agenda due to a legislative bottleneck. The next dates could be 18 July, 29 August or September. Assessment: Positive news but with limited impact. In Europe it is estimated that 62% of the plasma consumed comes from donations and more than 30% is imported, mainly from the United States…

Spanish economy 24th June 2023

Grifols to improve its rating for a better refinancing, as it has a debt maturity of €2,000m in 2025

Singular Bank: The manufacturer of plasma-derived medicines has informed the CNMV that it plans to sell a package of shares in its Chinese subsidiary Shanghai Raas, in which it is its main shareholder, where it will obtain some $1,500 million. As Grifols had already indicated, an asset sale was necessary to achieve its goal of reducing net financial debt to four times EBITDA by the end of 2024, from the…

Companies, Ibex, Spanish economy 11th October 2022

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….

Companies, Ibex, Spanish economy 4th October 2022

Víctor Grifols retires as non-executive chairman; Steven F. Mayer named successor

Renta 4 | On Monday afternoon, after the Spanish market closed, Grifols announced that Víctor Grifols had retired as non-executive chairman, after 50 years in the company, including more than 30 as CEO. In his place, the Spanish manufacturer of blood plasma-based products has appointed Steven F. Mayer as new executive chairman. Mayer has been a member of Grifols’ board for over 10 years. He also has extensive experience in…

Companies, Ibex, Relevant News Item 27th September 2022

S&P cuts Grifols rating, while Fitch, Moody’s leave unchanged; the company reaffirms business plan

Bankinter | S&P has cut Grifols debt rating, while Moody’s and Fitch leave theirs unchanged. The board issues a statement reaffirming business plan. The updated ratings are: S&P B+ (previous BB-); Moody’s B1; Fitch BB-. S&P highlights that the process of debt reduction could go slower than forecast amid difficult market conditions. It has maintained its outlook at Neutral. Both Moody’s and Fitch flag Grifols’ market positioning, its integrated business model,…

Companies, Ibex, Spanish economy 13th July 2022

Grifols warns recovery could be threatened; puts the brakes on acquisitions and suspends dividends

Link Securities | The daily elEconomista.es made echo on Monday of a risk report Grifols presented to the US regulator SEC. In the document, the Spanish multinational pharmaceutical company admitted the recovery could be threatened by the pressure from a competition which has increasingly more resources and already offers solutions similar to those of the listed Catalan firm. Grifols warns in the report that its rivals are tough: “Our main competitors…

Companies, Ibex, Relevant News Item 30th June 2022

Grifols could be negotiating €2 B capital hike; debt rose to 5.4x NFD/Ebitda end-2021

Bankinter | Grifols could be negotiating a 2 billion euros capital hike (c. 18% of its current capitalisation) with various funds. The objective is to cut its debt which is equivalent to 6.9x EBITDA, according to a daily newspaper. Grifols’ share price took a hit this morning on the IBEX 35, falling as much as 13%. Bankinter analyst team’s view: Negative news. If this rumour is correct, the capital increase…

Spanish economy 2nd May 2022

Grifols reclassifies balance sheet, reducing capital by 830 M€; considers GIC’s investment in Biomat as debt, upping this to €6.480 Bn

Renta 4 | After an internal audit by KPMG of Grifols affiliate Biomat, it has been deemed necessary to reclassify the firm’s balance sheet, considering (Singapore Sovereign Fund) GIC’s capital injection in the subsidiary as debt. This means that at end-2021, the company’s financial debt will rise to 6.480 billion euros from 5.828 billion, after including GIC’s 800 million euros investment in Biomat. Following this reclassification, Grifols capital has been…

Spanish economy 18th November 2021

Grifols will use the funds from GIC to cut its debt; meanwhile other payment commitments have been generated

Renta 4 | Grifols (GRF) and GIC have obtained the relevant regulatory authorisations to allow The Sovereign Wealth Fund of Singapore to go ahead with its investment to buy 23.8% of Biomat for 990 million dollars. Grifols will, of course, still maintain operating control of the company, as well as access to the recovered plasma in the over 300 plasma donation centres Biomat has in the United States. The funds…

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