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GRF

Grifols BME:GRF Stock Report

Last Price

€9.08

Market Cap

€5.9b

7D

-21.2%

1Y

-58.2%

Updated

28 Sep, 2022

Data

Company Financials +
GRF fundamental analysis
Snowflake Score
Valuation2/6
Future Growth4/6
Past Performance1/6
Financial Health2/6
Dividends1/6

GRF Stock Overview

Grifols, S.A. engages in the procurement, manufacture, preparation, and sale of therapeutic products, primarily hemoderivatives.

Grifols Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Grifols
Historical stock prices
Current Share Price€9.08
52 Week High€22.10
52 Week Low€9.45
Beta0.19
1 Month Change-24.97%
3 Month Change-49.64%
1 Year Change-58.19%
3 Year Change-65.73%
5 Year Change-61.71%
Change since IPO245.98%

Recent News & Updates

Aug 18
Here's Why Grifols (BME:GRF) Is Weighed Down By Its Debt Load

Here's Why Grifols (BME:GRF) Is Weighed Down By Its Debt Load

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...

Shareholder Returns

GRFES BiotechsES Market
7D-21.2%-5.2%-5.1%
1Y-58.2%-24.1%-14.3%

Return vs Industry: GRF underperformed the Spanish Biotechs industry which returned -24.1% over the past year.

Return vs Market: GRF underperformed the Spanish Market which returned -14.3% over the past year.

Price Volatility

Is GRF's price volatile compared to industry and market?
GRF volatility
GRF Average Weekly Movement6.5%
Biotechs Industry Average Movement7.6%
Market Average Movement3.5%
10% most volatile stocks in ES Market6.4%
10% least volatile stocks in ES Market0.5%

Stable Share Price: GRF is more volatile than 90% of Spanish stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: GRF's weekly volatility (6%) has been stable over the past year, but is still higher than 75% of Spanish stocks.

About the Company

FoundedEmployeesCEOWebsite
194027,584Raimon Grifols Rourahttps://www.grifols.com

Grifols, S.A. engages in the procurement, manufacture, preparation, and sale of therapeutic products, primarily hemoderivatives. The company operates through Bioscience, Hospital, Diagnostic, Bio Supplies, and Others divisions. The Bioscience division researches, develops, produces, and markets plasma-derived medicines and other innovative solutions to treat patients with chronic, rare, prevalent, and life-threatening diseases.

Grifols Fundamentals Summary

How do Grifols's earnings and revenue compare to its market cap?
GRF fundamental statistics
Market Cap€5.85b
Earnings (TTM)€59.64m
Revenue (TTM)€5.21b

103.4x

P/E Ratio

1.2x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
GRF income statement (TTM)
Revenue€5.21b
Cost of Revenue€3.29b
Gross Profit€1.92b
Other Expenses€1.86b
Earnings€59.64m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.088
Gross Margin36.90%
Net Profit Margin1.15%
Debt/Equity Ratio100.8%

How did GRF perform over the long term?

See historical performance and comparison

Dividends

4.0%

Current Dividend Yield

411%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is GRF undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for GRF?

Other financial metrics that can be useful for relative valuation.

GRF key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue3.3x
Enterprise Value/EBITDA24.2x
PEG Ratio3x

Price to Earnings Ratio vs Peers

How does GRF's PE Ratio compare to its peers?

GRF PE Ratio vs Peers
The above table shows the PE ratio for GRF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average23.7x
PHM Pharma Mar
11.6x5.8%€973.7m
ALM Almirall
58.3x31.4%€1.6b
ROVI Laboratorios Farmaceuticos Rovi
12.5x10.2%€2.3b
FAE Faes Farma
12.4x1.9%€1.1b
GRF Grifols
103.4x34.2%€5.9b

Price-To-Earnings vs Peers: GRF is expensive based on its Price-To-Earnings Ratio (103.4x) compared to the peer average (23.7x).


Price to Earnings Ratio vs Industry

How does GRF's PE Ratio compare vs other companies in the European Biotechs Industry?

Price-To-Earnings vs Industry: GRF is expensive based on its Price-To-Earnings Ratio (103.4x) compared to the European Biotechs industry average (32.1x)


Price to Earnings Ratio vs Fair Ratio

What is GRF's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

GRF PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio103.4x
Fair PE Ratio31.7x

Price-To-Earnings vs Fair Ratio: GRF is expensive based on its Price-To-Earnings Ratio (103.4x) compared to the estimated Fair Price-To-Earnings Ratio (31.6x).


Share Price vs Fair Value

What is the Fair Price of GRF when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: GRF (€9.08) is trading below our estimate of fair value (€18.86)

Significantly Below Fair Value: GRF is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


Discover undervalued companies

Future Growth

How is Grifols forecast to perform in the next 1 to 3 years based on estimates from 17 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


34.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: GRF's forecast earnings growth (34.2% per year) is above the savings rate (0.9%).

Earnings vs Market: GRF's earnings (34.2% per year) are forecast to grow faster than the Spanish market (11.6% per year).

High Growth Earnings: GRF's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: GRF's revenue (10.1% per year) is forecast to grow faster than the Spanish market (3.7% per year).

High Growth Revenue: GRF's revenue (10.1% 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 (13.4%).


Discover growth companies

Past Performance

How has Grifols performed over the past 5 years?

Past Performance Score

1/6

Past Performance Score 1/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-14.9%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: GRF has high quality earnings.

Growing Profit Margin: GRF's current net profit margins (1.1%) are lower than last year (12.8%).


Past Earnings Growth Analysis

Earnings Trend: GRF's earnings have declined by 14.9% 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 (-91.1%) over the past year, making it difficult to compare to the Biotechs industry average (-15.8%).


Return on Equity

High ROE: GRF's Return on Equity (1.7%) is considered low.


Discover strong past performing companies

Financial Health

How is Grifols's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: GRF's short term assets (€4.4B) exceed its short term liabilities (€1.7B).

Long Term Liabilities: GRF's short term assets (€4.4B) do not cover its long term liabilities (€11.0B).


Debt to Equity History and Analysis

Debt Level: GRF's net debt to equity ratio (94.3%) is considered high.

Reducing Debt: GRF's debt to equity ratio has reduced from 171.2% to 100.8% over the past 5 years.

Debt Coverage: GRF's debt is not well covered by operating cash flow (3.4%).

Interest Coverage: GRF's interest payments on its debt are not well covered by EBIT (1.4x coverage).


Balance Sheet


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Dividend

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

Dividend Score

1/6

Dividend Score 1/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


3.96%

Current Dividend Yield

Dividend Yield vs Market

Grifols Dividend Yield vs Market
How does Grifols dividend yield compare to the market?
SegmentDividend Yield
Company (Grifols)4.0%
Market Bottom 25% (ES)2.3%
Market Top 25% (ES)6.1%
Industry Average (Biotechs)2.1%
Analyst forecast in 3 Years (Grifols)2.5%

Notable Dividend: GRF's dividend (3.96%) is higher than the bottom 25% of dividend payers in the Spanish market (2.31%).

High Dividend: GRF's dividend (3.96%) is low compared to the top 25% of dividend payers in the Spanish market (6.08%).


Stability and Growth of Payments

Stable Dividend: GRF has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: GRF's dividend payments have increased, but the company has only paid a dividend for 9 years.


Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (411.4%), GRF's dividend payments are not well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: GRF is paying a dividend but the company has no free cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

15.7yrs

Average management tenure


CEO

Raimon Grifols Roura (58 yo)

7.33yrs

Tenure

€895,000

Compensation

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...


CEO Compensation Analysis

Raimon Grifols Roura's Compensation vs Grifols Earnings
How has Raimon Grifols Roura's remuneration changed compared to Grifols's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

€60m

Mar 31 2022n/an/a

€125m

Dec 31 2021€895k€895k

€183m

Sep 30 2021n/an/a

€358m

Jun 30 2021n/an/a

€667m

Mar 31 2021n/an/a

€562m

Dec 31 2020€1m€895k

€619m

Sep 30 2020n/an/a

€687m

Jun 30 2020n/an/a

€557m

Mar 31 2020n/an/a

€697m

Dec 31 2019€1mn/a

€625m

Compensation vs Market: Raimon's total compensation ($USD863.07K) is below average for companies of similar size in the Spanish market ($USD2.52M).

Compensation vs Earnings: Raimon's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: GRF's management team is seasoned and experienced (15.7 years average tenure).


Board Members

Experienced Board: GRF's board of directors are considered experienced (8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

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


Ownership Breakdown

What is the ownership structure of GRF?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders1,541,5870.2%
VC/PE Firms34,655,6225.1%
Private Companies95,747,15914.1%
Institutions247,792,50336.5%
General Public299,173,82344.1%

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


Top Shareholders

Top 25 shareholders own 43.64% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
7.44%
Capital Research and Management Company
50,495,400€458.6m-0.02%0.03%
5.77%
Deria S.A.
39,183,692€355.9m0%no data
5.1%
Scranton Enterprises BV
34,655,622€314.7m0%no data
4.45%
Ponder Trade, S.L.
30,209,093€274.4m0%no data
3.86%
Rodellar Amsterdam Holding B.V.
26,224,374€238.2m0%no data
3.1%
The Vanguard Group, Inc.
21,031,918€191.0m1.22%no data
2.06%
BlackRock, Inc.
13,987,212€127.0m-0.48%no data
1.63%
Fidelity International Ltd
11,054,332€100.4m-3.44%0.06%
1.34%
Norges Bank Investment Management
9,082,675€82.5m0%0.01%
0.87%
Santander Asset Management, S.A., S.G.I.I.C.
5,910,952€53.7m0.56%0.2%
0.72%
Janus Henderson Group plc
4,887,701€44.4m2.03%0.04%
0.67%
Deutsche Asset & Wealth Management
4,556,737€41.4m0%0.02%
0.67%
BNPP Asset Management Holding
4,532,567€41.2m-2.91%0.09%
0.6%
Brandes Investment Partners, LP
4,097,423€37.2m1.63%0.53%
0.57%
Degroof Petercam Asset Management
3,870,167€35.1m0.22%0.24%
0.55%
Millennium Management LLC
3,721,282€33.8m42.08%0.07%
0.53%
BNPP Asset Management France
3,597,309€32.7m0%0.11%
0.51%
Black Creek Investment Management Inc.
3,459,436€31.4m-2.41%0.77%
0.49%
LGT Capital Partners Ltd.
3,352,100€30.4m0%0.35%
0.48%
HSBC Global Asset Management (UK) Limited
3,266,662€29.7m0%0.02%
0.48%
Geode Capital Management, LLC
3,239,797€29.4m2.45%no data
0.47%
BLI - Banque De Luxembourg Investments S.A.
3,172,581€28.8m-6.22%0.37%
0.44%
Credit Suisse Asset Management (Switzerland)
2,999,818€27.2m0.1%0.02%
0.42%
Brown Brothers Harriman & Co., Asset Management Arm
2,879,201€26.1m-3.74%0.2%
0.41%
Wellington Management Group LLP
2,816,457€25.6m-9.94%no data

Company Information

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


Key Information

  • Name: Grifols, S.A.
  • Ticker: GRF
  • Exchange: BME
  • Founded: 1940
  • Industry: Biotechnology
  • Sector: Pharmaceuticals & Biotech
  • Implied Market Cap: €5.850b
  • Shares outstanding: 678.91m
  • 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
OZTADB (Deutsche Boerse AG)YesClass A SharesDEEURMay 2006
0RDULSE (London Stock Exchange)YesClass A SharesGBEURMay 2006
GIFL.FOTCPK (Pink Sheets LLC)YesClass A SharesUSUSDMay 2006
GRFEBATS-CHIXE (BATS 'Chi-X Europe')YesClass A SharesGBEURMay 2006
GRFWBAG (Wiener Boerse AG)YesClass A SharesATEURMay 2006
OZTAETLX (Eurotlx)YesClass A SharesITEURMay 2006
GIKL.YOTCPK (Pink Sheets LLC)SPON ADR EA REPR 1/2 ORD SHS EUR0.50USUSDJul 2009
G0FDB (Deutsche Boerse AG)SPON ADR EA REPR 1/2 ORD SHS EUR0.50DEEURJul 2009
GRFSNasdaqGS (Nasdaq Global Select)SPON ADR EA REPR 1 ORD EUR0.10USUSDJun 2011
GRF.PBME (Bolsas y Mercados Espanoles)Class B Non-Voting SharesESEURJun 2011
0RDVLSE (London Stock Exchange)Class B Non-Voting SharesGBEURJun 2011
G0FBDB (Deutsche Boerse AG)SPON ADR EA REPR 1 ORD EUR0.10DEEURJun 2011
GRFPEBATS-CHIXE (BATS 'Chi-X Europe')Class B Non-Voting SharesGBEURJun 2011
GIFO.FOTCPK (Pink Sheets LLC)Class B Non-Voting SharesUSUSDJun 2011
GRFP NBMV (Bolsa Mexicana de Valores)Class B Non-Voting SharesMXMXNJun 2011

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/28 00:00
End of Day Share Price2022/09/28 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.