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Grifols: Moody's Reviewing For Downgrade, Equity Watchers Upgrading Profit Forecasts

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Grifols (GRF SM) being reviewed for downgrade by Moody's on “weaker FCF generation and approaching debt maturities”. Estimates are up marginally since results, highlighting the tardiness of this call but clearly unhelpful for spreads now.


  • Hardly a surprise after recent short-selling raid by Gotham but we'd note headlines results (on 29-Feb) were inline with expectations and both EPS and revenue estimates from the sell-side have been upgraded marginally since results were published.
  • Mgmt were, as a reminder, confident on the call around the key S-RAAS divestment indicating due diligence was complete and we are just awaiting regulatory approval.
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