Hola, 

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.

Un abrazo, 

Manuel Cubiles