BME:GRF

Stock Analysis Report

Executive Summary

Grifols, S.A. develops, manufactures, and distributes a range of biological medicines on plasma derived proteins worldwide.

Snowflake

Fundamentals

Moderate growth potential with mediocre balance sheet.


Similar Companies

Share Price & News

How has Grifols's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: GRF has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

3.3%

GRF

3.3%

ES Biotechs

-0.09%

ES Market


1 Year Return

16.5%

GRF

16.3%

ES Biotechs

5.1%

ES Market

Return vs Industry: GRF exceeded the Spanish Biotechs industry which returned 16.3% over the past year.

Return vs Market: GRF exceeded the Spanish Market which returned 5.1% over the past year.


Shareholder returns

GRFIndustryMarket
7 Day3.3%3.3%-0.09%
30 Day8.9%8.7%-0.2%
90 Day2.1%2.0%5.0%
1 Year17.8%16.5%17.6%16.3%9.0%5.1%
3 Year71.6%65.5%34.5%31.9%19.0%7.9%
5 Year77.1%66.7%76.0%71.5%6.1%-12.2%

Price Volatility Vs. Market

How volatile is Grifols's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Grifols undervalued compared to its fair value and its price relative to the market?

37.04x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: GRF (€29.71) is trading above our estimate of fair value (€20.89)

Significantly Below Fair Value: GRF is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: GRF is poor value based on its PE Ratio (37x) compared to the Biotechs industry average (27.7x).

PE vs Market: GRF is poor value based on its PE Ratio (37x) compared to the Spanish market (16.9x).


Price to Earnings Growth Ratio

PEG Ratio: GRF is poor value based on its PEG Ratio (2.4x)


Price to Book Ratio

PB vs Industry: GRF is overvalued based on its PB Ratio (4.3x) compared to the ES Biotechs industry average (4.3x).


Next Steps

Future Growth

How is Grifols forecast to perform in the next 1 to 3 years based on estimates from 19 analysts?

15.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: GRF's forecast earnings growth (15.4% per year) is above the savings rate (1.5%).

Earnings vs Market: GRF's earnings (15.4% per year) are forecast to grow faster than the Spanish market (10.2% per year).

High Growth Earnings: GRF's earnings are forecast to grow, but not significantly.

Revenue vs Market: GRF's revenue (6.9% per year) is forecast to grow faster than the Spanish market (3.5% per year).

High Growth Revenue: GRF's revenue (6.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: GRF's Return on Equity is forecast to be low in 3 years time (17.2%).


Next Steps

Past Performance

How has Grifols performed over the past 5 years?

6.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: GRF has high quality earnings.

Growing Profit Margin: GRF's current net profit margins (11.1%) are lower than last year (16.1%).


Past Earnings Growth Analysis

Earnings Trend: GRF's earnings have grown by 6% per year over the past 5 years.

Accelerating Growth: GRF's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: GRF had negative earnings growth (-21.1%) over the past year, making it difficult to compare to the Biotechs industry average (5.4%).


Return on Equity

High ROE: GRF's Return on Equity (10.9%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Grifols's financial position?


Financial Position Analysis

Short Term Liabilities: GRF's short term assets (€3.7B) exceeds its short term liabilities (€1.4B)

Long Term Liabilities: GRF's short term assets (€3.7B) do not cover its long term liabilities (7.4B)


Debt to Equity History and Analysis

Debt Level: GRF's debt to equity ratio (125.4%) is considered high.

Reducing Debt: GRF's debt to equity ratio has reduced from 162.9% to 125.4% over the past 5 years.

Debt Coverage: GRF's debt is not well covered by operating cash flow (10.1%).

Interest Coverage: GRF's interest payments on its debt are well covered by EBIT (3.4x coverage).


Balance Sheet

Inventory Level: GRF has a high level of physical assets or inventory.

Debt Coverage by Assets: GRF's debt is not covered by short term assets (assets are 0.6x debt).


Next Steps

Dividend

What is Grifols's current dividend yield, its reliability and sustainability?

1.16%

Current Dividend Yield


Upcoming Dividend Payment

Purchase Grifols before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield vs Market

company1.2%marketbottom25%2.3%markettop25%5.6%industryaverage1.1%forecastin3Years1.5%

Current dividend yield vs market & industry

Notable Dividend: GRF's dividend (1.16%) isn’t notable compared to the bottom 25% of dividend payers in the Spanish market (2.34%).

High Dividend: GRF's dividend (1.16%) is low compared to the top 25% of dividend payers in the Spanish market (5.61%).


Stability and Growth of Payments

Stable Dividend: GRF is not paying a notable dividend for the Spanish market, therefore no need to check if payments are stable.

Growing Dividend: GRF is not paying a notable dividend for the Spanish market, therefore no need to check if payments are increasing.


Current Payout to Shareholders

Dividend Coverage: GRF is not paying a notable dividend for the Spanish market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of GRF's dividend in 3 years as they are not forecast to pay a notable one for the Spanish market.


Next Steps

Management

What is the CEO of Grifols's salary, the management and board of directors tenure and is there insider trading?

11.8yrs

Average management tenure


CEO

Raimon Grifols Roura (55yo)

2.8yrs

Tenure

0

Mr. Raimon Grifols Roura has been the Co-Chief Executive Officer of Grifols, S.A. since January 1, 2017 and served as its Co-Chairman. Mr. Roura was a Patner at Osborne Clarke Spain. Mr. Roura serves as th ...


Management Age and Tenure

11.8yrs

Average Tenure

61yo

Average Age

Experienced Management: GRF's management team is seasoned and experienced (11.8 years average tenure).


Board Age and Tenure

4.7yrs

Average Tenure

62yo

Average Age

Experienced Board: GRF's board of directors are considered experienced (4.7 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Buy€549,99720 May 19
Víctor Grífols Roura
EntityIndividual
Role
Chairman of the Board
Non-Executive Chairman
Shares31,609
Max Price€17.40
Buy€413,28520 May 19
Ramón Riera Roca
EntityIndividual
Role
Member of the Board of Directors
Other External Director
Shares23,752
Max Price€17.40
Buy€178,47220 May 19
Víctor Grífols Deu
EntityIndividual
Role
Member of the Board of Directors
Co-CEO & Executive Director
Shares10,257
Max Price€17.40
Buy€173,37420 May 19
Raimon Grifols Roura
EntityIndividual
Role
Co-Chief Executive Officer
Co-CEO & Executive Director
Shares9,964
Max Price€17.40

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Raimon Grifols Roura (55yo)

    Co-CEO & Executive Director

    • Tenure: 2.8yrs
  • Tomás Dagá Gelabert (63yo)

    Vice Secretary & External Director

    • Tenure: 19.6yrs
  • Francisco Javier Jorba Ribes (68yo)

    Corporate Vice President and President of the Biological Industrial Group

    • Tenure: 24.8yrs
  • Alfredo Arroyo Guerra (61yo)

    CFO & VP

    • Tenure: 12.8yrs
  • Eva Bastida Tubau

    Corporate Vice President and Director of Scientific & Medical Affairs

    • Tenure: 12.8yrs
  • Mateo Florencio Borrás Humbert (63yo)

    Corporate VP & Chief Human Resources Officer

    • Tenure: 11.8yrs
  • Nuria Pascual Lapeña (55yo)

    Vice President of Corporate Treasury & Investor Relations

    • Tenure: 0yrs
  • David Bell (64yo)

    General Counsel & Chief Innovation Officer

    • Tenure: 16.8yrs
  • Víctor Grífols Deu (42yo)

    Co-CEO & Executive Director

    • Tenure: 3.5yrs
  • Maria Teresa-Rioné Llano (54yo)

    Vice President of Corporate Communications

    • Tenure: 1.8yrs

Board Members

  • Thomas Glanzmann (61yo)

    Non-Executive Vice-Chairman

    • Tenure: 2.8yrs
    • Compensation: €845.00k
  • Víctor Grífols Roura (69yo)

    Non-Executive Chairman

    • Tenure: 17.5yrs
    • Compensation: €1.24m
  • Juan Ignacio Twose Roura (73yo)

    Member of the Advisory Committee

    • Tenure: 4.8yrs
    • Compensation: €380.00k
  • Raimon Grifols Roura (55yo)

    Co-CEO & Executive Director

    • Tenure: 2.8yrs
  • Ramón Riera Roca (64yo)

    Other External Director

    • Tenure: 19.6yrs
    • Compensation: €913.00k
  • Tomás Dagá Gelabert (63yo)

    Vice Secretary & External Director

    • Tenure: 19.6yrs
  • Marla Salmon (69yo)

    Independent Director

    • Tenure: 5.5yrs
    • Compensation: €125.00k
  • Iñigo Sánchez-Asiaín Mardones (55yo)

    Lead Independent Director

    • Tenure: 2.8yrs
    • Compensation: €75.00k
  • Carina Szpilka Lázaro (51yo)

    Independent Director

    • Tenure: 4.5yrs
    • Compensation: €63.00k
  • Víctor Grífols Deu (42yo)

    Co-CEO & Executive Director

    • Tenure: 3.5yrs

Company Information

Grifols, S.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Grifols, S.A.
  • Ticker: GRF
  • Exchange: BME
  • Founded: 1940
  • Industry: Biotechnology
  • Sector: Pharmaceuticals & Biotech
  • Market Cap: €17.789b
  • Shares outstanding: 684.14m
  • Website: https://www.grifols.com

Number of Employees


Location

  • Grifols, S.A.
  • Avinguda de la Generalitat, 152
  • Parc empresarial Can Sant Joan
  • Barcelona
  • Catalonia
  • 8174
  • Spain

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
GRFBME (Bolsas y Mercados Espanoles)YesClass A SharesESEURMay 2006
0RDULSE (London Stock Exchange)YesClass A SharesGBEURMay 2006
GIFL.FOTCPK (Pink Sheets LLC)YesClass A SharesUSUSDMay 2006
OZTADB (Deutsche Boerse AG)YesClass A SharesDEEURMay 2006
GRFEBATS-CHIXE (BATS 'Chi-X Europe')YesClass A SharesGBEURMay 2006
GRFWBAG (Wiener Boerse AG)YesClass A SharesATEURMay 2006
GIKL.YOTCPK (Pink Sheets LLC)SPONS ADRUSUSDJul 2009
GRFP NBMV (Bolsa Mexicana de Valores)Class B Non-Voting SharesMXMXNJun 2011
G0FBDB (Deutsche Boerse AG)SPON ADR EA REPR 1 ORD EUR0.10DEEURJun 2011
GRFSNasdaqGS (Nasdaq Global Select)SPON ADR EA REPR 1 ORD EUR0.10USUSDJun 2011
GRFPEBATS-CHIXE (BATS 'Chi-X Europe')Class B Non-Voting SharesGBEURJun 2011
GIFO.FOTCPK (Pink Sheets LLC)Class B Non-Voting SharesUSUSDJun 2011
GRF.PBME (Bolsas y Mercados Espanoles)Class B Non-Voting SharesESEURJun 2011
0RDVLSE (London Stock Exchange)Class B Non-Voting SharesGBEURJun 2011

Biography

Grifols, S.A. develops, manufactures, and distributes a range of biological medicines on plasma derived proteins worldwide. The company operates through five segments: Bioscience, Diagnostic, Hospital, Bio ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/19 20:31
End of Day Share Price2019/11/19 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.