Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on GRIFOLS SA. We currently have 2 research reports from 1 professional analysts.
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Acquires Hologic’s share of the NAT unit JV
21 Dec 16
Grifols announced the buyout of Hologic’s share of their existing JV of the NAT (Nucleic Acid Analysis) donor screening business for $1.85bn. The deal, representing an EV/EBITDA of c.11.6x, brings in R&D and manufacturing (including a plant in San Diego, US) of assays and instruments based on the NAT technology (Grifols already has commercialisation rights). The transaction is expected to be completed by Q1 17.
Bioscience strong while Diagnostic recovers, but margins remain subdued
29 Nov 16
Grifols Q3 16 results came in broadly in line with consensus as well as our expectations. Sales were up 3% yoy to €1bn (+4% at cc), driven by growth across all three divisions. Geographically (all at cc), while the US/Canada (+8%; Q2: +6%) and Rest of the World (+5%; Q2: +7%) continued to do well, Europe showed an improvement (-1%; Q2: -4%). EBIT remained subdued, declining 3% to €239m (the margin decreased c.150bp), plagued by the known issues (transition of operations between its two Clayton, North Carolina, plants, declining royalties from the transfusion diagnostics unit and higher plasma costs). The extent of the weakness in the EBIT margin is higher than our expectations. However, net profit increased 1% to €142m (the margin declined 26bp), due to lower financial expenses and the effective tax rate. The company has announced an interim dividend of €0.18 per share compared with €0.175 last year (after adjusting for the 2:1 stock split completed on 4 January 2016).
Interim results – adhering to international growth strategy
23 Feb 17
Interim results showed a strong performance for Tristel, 6% ahead of its AGM statement on 12 December at which it indicated adjusted pre-tax profits to be no less than £1.6m. Revenues increased by 22% (16% at constant exchange rates – CER or 12% CER excluding the impact of the Australian acquisition) and adjusted pre-tax profits were up 15% to £1.71m. Despite the strong half, we leave our full-year forecasts unchanged, given FX uncertainty and a one-off stocking order in H1 from the NHS, although at current FX rates the risk to our forecasts is considered to be to the upside. However, we raise our target price by 10% to 165p to reflect the solid progress as well as rolling forward our multiples to calendar-adjusted 2017.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced
N+1 Singer - Morning Song 21-02-2017
21 Feb 17
Abzena (ABZA LN) Contract bookings strong; US costs higher than expected | City of London Investment Group (CLIG LN) Earnings and interim dividend in line, some modest growth in FuM | dotdigital Group (DOTD LN) Good H1; broadening avenues of growth | Grafenia (GRA LN) Weak print volumes | Vernalis (VER LN) Interims highlight increasing Tuzistra™ scrip volume
N+1 Singer - Morning Song 23-02-2017
23 Feb 17
Genus (GNS LN) Interim results: R&D step-up, disappointing ABS performance | Howden Joinery Group (HWDN LN) Prelims and net cash better than expected but conditions weaken | Oxford Pharmascience Group (OXP LN) Encouraging interim OXPzero™ Ibuprofen exploratory PK data | StatPro Group (SOG LN) Increased majority shareholding in Infovest Consulting | Wilmington Group (WIL LN) Interims slightly ahead, move to focus on 3 verticals
Panmure Morning Note 15-02-2017
15 Feb 17
With the early January trading update having prompted us to upgrade forecasts, today’s interim results show how the group’s focus on areas such as product development and international sales are translating through to growth in both the top and bottom-line. The consistency of delivery is what impresses us, reflecting the maturity of the management team and the clarity of the longterm vision. We repeat our Buy recommendation.
Panmure Morning Note 20-02-2017
20 Feb 17
Chi-Med has announced the initiation of a Phase II study of savolitinib in locally advanced or metastatic pulmonary sarcomatoid carcinoma (PSC) in China. This is a disease where patients are usually diagnosed by normal pathology (i.e. not via molecular diagnostics methods) but given that 20-30% of PSC patient show c-Met gene amplification this potentially represents a very rich patient pool for savolitinib as a highly selective and potent oral c-Met inhibitor. The continued strength of Chi-Med’s clinical momentum is further demonstrated by today’s news and we consider this represents further upside potential against our existing investment case. We repeat our Buy recommendation.