Grifols: Invest Securities trims target price

(CercleFinance.com) - Invest Securities has reiterated its 'buy' rating on Grifols shares, while trimming its target price for them from E17 to E16, after the Spanish plasma-based pharmaceuticals specialist's report that highlighted a largely insufficient operational surge.


The broker points out that the market has heavily penalised (-35%) the presentation of uncertified accounts in a context of strong mistrust, a more costly restructuring plan and higher CAPEX in 2024, strongly affecting 2024 FCF.

Invest Securities nevertheless remains confident in the group's ability to emerge from this crisis, notably believing that the effective disposal of SRAAS is on the right track, which will facilitate debt refinancing, with a colossal reservoir of growth.


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