Financials Grifols, S.A.

Equities

GRF

ES0171996087

Pharmaceuticals

Market Closed - BME 11:38:56 2024-02-28 am EST After market 11:58:29 am
11.66 EUR -1.15% Intraday chart for Grifols, S.A. 11.71 +0.45%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 13,916 18,760 14,161 9,783 6,557 7,145 7,145 -
Enterprise Value (EV) 1 19,352 25,225 20,597 16,478 15,716 16,864 15,758 15,229
P/E ratio 26.3 x 34.5 x 26.5 x 62.5 x 34.7 x 53.6 x 13.4 x 10.1 x
Yield 1.75% 1.15% 0.71% 2.13% - - 0.29% 3.02%
Capitalization / Revenue 3.1 x 3.68 x 2.65 x 1.98 x 1.08 x 1.08 x 1 x 0.93 x
EV / Revenue 4.31 x 4.95 x 3.86 x 3.34 x 2.59 x 2.55 x 2.21 x 1.98 x
EV / EBITDA 15.9 x 17.9 x 13.9 x 17.1 x 12.9 x 12 x 8.35 x 7.15 x
EV / FCF 45 x 161 x 25.7 x 52.1 x -56.7 x 43.3 x 22.5 x 18.6 x
FCF Yield 2.22% 0.62% 3.9% 1.92% -1.76% 2.31% 4.44% 5.37%
Price to Book 3.71 x 4.46 x 1.99 x 1.89 x 1.19 x 1.15 x 1.06 x 0.97 x
Nbr of stocks (in thousands) 683,738 684,135 684,540 682,484 678,911 678,665 678,665 -
Reference price 2 22.90 31.43 23.88 16.88 10.77 11.79 11.79 11.79
Announcement Date 2/28/19 2/27/20 2/26/21 2/28/22 2/28/23 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 4,487 5,099 5,340 4,933 6,064 6,614 7,122 7,682
EBITDA 1 1,218 1,407 1,479 961.5 1,221 1,404 1,888 2,129
EBIT 1 994.1 1,131 996.1 595.1 805.7 901.1 1,397 1,626
Operating Margin 22.16% 22.19% 18.65% 12.06% 13.29% 13.62% 19.62% 21.17%
Earnings before Tax (EBT) 1 725.8 817.1 878.6 350.5 361.3 359.7 919.9 1,176
Net income 1 596.6 625.1 618.5 182.8 208.3 142.5 558.2 725.7
Net margin 13.3% 12.26% 11.58% 3.71% 3.43% 2.15% 7.84% 9.45%
EPS 2 0.8700 0.9100 0.9000 0.2700 0.3100 0.2201 0.8798 1.170
Free Cash Flow 1 429.7 156.6 802.2 316.1 -277.4 389 699.7 817.1
FCF margin 9.58% 3.07% 15.02% 6.41% -4.57% 5.88% 9.82% 10.64%
FCF Conversion (EBITDA) 35.27% 11.13% 54.24% 32.87% - 27.71% 37.05% 38.38%
FCF Conversion (Net income) 72.02% 25.05% 129.7% 172.91% - 273.05% 125.34% 112.6%
Dividend per Share 2 0.4000 0.3600 0.1700 0.3600 - - 0.0338 0.3561
Announcement Date 2/28/19 2/27/20 2/26/21 2/28/22 2/28/23 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S1 2020 S1 2021 Q1 2021 Q2 2021 S1 2021 Q3 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4
Net sales 1 2,423 2,677 1,185 1,352 2,537 1,198 1,198 2,396 1,405 1,543 2,810 1,541 1,713 3,254 1,561 1,663 3,225 1,597 1,756
EBITDA 1 685.3 731.4 296.8 337.7 634.5 - - 327 248.2 - 618.3 308 294 602.7 298.8 360.7 659.5 373.6 433
EBIT 1 547.9 421.7 213 250.6 463.6 - - 131.5 - - 427.3 173.4 176.9 378.3 175.7 253.6 - 264.4 307.2
Operating Margin 22.61% 15.75% 17.97% 18.54% 18.27% - - 5.49% - - 15.21% 11.25% 10.33% 11.63% 11.25% 15.25% - 16.55% 17.5%
Earnings before Tax (EBT) 1 368.3 - 188.7 189.5 378.2 - - -27.78 - - 227.9 66.69 46.88 133.4 -84.17 103.2 19.05 99.59 149.2
Net income 1 286.9 218.2 129.9 136.9 266.8 - - -84.01 - - 143.6 45 20.07 64.63 -108.3 52.04 -56.22 59.54 100.3
Net margin 11.84% 8.15% 10.97% 10.13% 10.52% - - -3.51% - - 5.11% 2.92% 1.17% 1.99% -6.93% 3.13% -1.74% 3.73% 5.71%
EPS 2 - - 0.1900 0.2000 0.3900 -0.0600 - -0.1200 - - 0.2100 - - 0.1000 - 0.0800 - 0.0843 0.1200
Dividend per Share - - - - - - - - - - - - - - - - - - -
Announcement Date 7/31/19 7/30/20 5/4/21 7/29/21 7/29/21 2/28/22 2/28/22 2/28/22 7/28/22 7/28/22 7/28/22 11/8/22 2/28/23 2/28/23 5/9/23 7/27/23 7/27/23 11/2/23 -
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 5,435 6,465 6,436 6,695 9,158 9,719 8,613 8,084
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 4.461 x 4.595 x 4.352 x 6.963 x 7.501 x 6.922 x 4.561 x 3.798 x
Free Cash Flow 1 430 157 802 316 -277 389 700 817
ROE (net income / shareholders' equity) 17.3% 15.9% 12.5% 3.26% 3.57% 4.35% 9.16% 10.6%
ROA (Net income/ Total Assets) 5.82% 5.13% 4.01% 1.06% 1.02% 1.19% 2.8% 3.4%
Assets 1 10,257 12,193 15,409 17,254 20,384 11,945 19,902 21,364
Book Value Per Share 2 6.170 7.050 12.00 8.950 9.040 10.20 11.10 12.10
Cash Flow per Share 2 1.080 0.8300 1.620 0.8800 -0.0200 0.4200 1.510 1.730
Capex 1 308 412 308 281 266 290 328 377
Capex / Sales 6.86% 8.09% 5.77% 5.69% 4.39% 4.38% 4.61% 4.9%
Announcement Date 2/28/19 2/27/20 2/26/21 2/28/22 2/28/23 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
16
Last Close Price
11.79 EUR
Average target price
19.15 EUR
Spread / Average Target
+62.40%
Consensus
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