Grifols: Another solid quarter but upside looks more tiny
BUY, Fair Value EUR32.5 (+7%)
Grifols released a solid set of numbers in Q3 with sales growth accelerating 9.3% CER versus 5.3% CER in H1 driven by a strong performance in the BioScience division, up 11.2% CER in the quarter. Demand for plasma derivatives products remained very dynamic especially for Albumin and Alpha-1-antitrypsin, both growing double-digits. 9M adjusted EBITDA margin was flat versus H1 at 33.7% but up 140bps versus 9M 2012, positively impacted by productivity gains (gross margin up 110bps versus 9M 2012). 9M net profit is significantly up at EUR267m (+35.3%) with lower tax expenses as well as more favourable interest expenses (EUR-29m versus last year).
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