El gestor estrella de la city entra en Grifols. Parece que algunos valores españoles siguen brillando en las carteras de los principales gestores de Renta Variable Europea (Amadeus, Grifols, Inditex).
Os dejo el comentario que hace Robbie sobre la empresa:
In March, we added a new stock to the portfolio in the form of Grifols (€12bn market cap), a Spanish pharma company and world-leading manufacturer of blood plasma -derived therapies. This consolidated industry benefits from steadily growing demand (demographics, emerging economies) and high barriers-to-entry (proprietary fractioning process knowhow, high upfront capital requirements, lengthy certification processes by health authorities, which means it takes at least five years between the start of a project and the first product sale, and the limited growth of plasma feedstock). Because of these dynamics, after tax invested capital returns of the scale leaders exceed 20%. High returns are not achieved because of product patent protection - there isn't any. UnlikeR&D-intensive, patent-protected pharma products where sales typically decline sharply and often disappear after the ‘patent-cliff’, blood-plasma therapy products have very long lifecycles. Grifols’s ‘perpetuity’ product/business model is therefore far superior to the traditional pharma model where cash flows terminate once a drug goes off patent. Excluding growth investments (for capacity expansion), Grifols trades on less than 13 times free cash flow. This is a low multiple for a defensive company that has the opportunity (within a growth industry) to reinvest its free cash flow at 20%+ after tax returns. We believe the stock is substantially undervalued, with over 30% upside potential against a conservatively-defined intrinsic value.