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Grifols: Credit Metrics (Slightly) Better But Little News On S-RAAS Deal (Yet)

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Grifols (GRF SM) is one of the weakest equities in the SXXP today though the two key ’25 bonds are both streaming tighter as credit metrics have improved. Questioning on the call around the S-RAAS deal could be pivotal.


  • Results for 4Q23 were solid at the revenue level, slightly ahead at adjusted EBITDA (+2% vs. consensus) but net income missed, largely due to a EUR40m of exceptionals. Net income would have missed even excluding these. FCF turned positive in 2H23 and adjusted leverage fell 0.8x to 6.3x, so credit metrics are at least moving the right way.
  • Shanghai-RAAS sale to Haier would reduce leverage by another 0.9x. Mgmt is committed to “address” the ’25 maturities in 1H24 but we fear the market was hoping for an actual sale process update. The conf call (ongoing) has simply indicated the sale “will close in 1H24”.
  • Outlook: guidance is for 7%+ revenue growth (consensus: 7.7%) and EBITDA over EUR1.8bn (consensus: 1.87bn) so no apparent upgrade here.
Conf call is ongoing at: https://streamstudio.world-television.com/1100-1766-39062/en
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