Grifols (GRF.MC) : juste valeur

Thèse ACCE

Grifols makes plasma-derived therapies, including immunoglobulins for primary immunodeficiency and albumin, and runs one of the largest plasma collection networks in the world, which is the scarce input the whole business depends on. That collection footprint is hard to replicate because regulators and clinicians require long-standing supply relationships and tightly controlled sourcing, so the moat rests on volume and network density rather than any single product. The near-term question is whether margins recover from their recent compression as collection costs normalise and the company works through its debt load. At a market cap of about 6.9 billion euros, the stock trades on a trailing P/E of 15.7 and a forward P/E of 8.9, a sizeable gap that implies the market expects earnings to rise sharply or doubts the forecasts. Our data does not include revenue growth, margins or ROE, so the earnings recovery and balance sheet claims need checking against filings before anyone takes this further.