Grifols (Pharma)
AlphaValue
Different by nature : because we have neither investment banking nor execution, our research is totally unconflicted.
Note: This is a daily stock update and the information stands true as of 27/02/25, 09:00 CET.
Company update: Q4 Sales came in at c.€2bn, up 14% at constant exchange rates (CER) and 12% reported, this 3% above consensus.
Q4 EBITDA up 18.6% to?€526m, 4% better than expected.
FY sales are up 10% to?€7.2bn and FY EBITDA at?€1.8bn (margin of 24.7%)
FCF at?€266m , better than expected, leading to a net debt at?€8bn vs?€9.4bn at the end of Q3. Deleveraging continues which is great , with ‘reported’ leverage ratio (as per financial statements and not the credit agreement) improving to 5.6x at end-2024 vs. 6.1x at end-Q3.
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