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Grifols plasma collection center in the USA.
Grifols shares opened the week up around 7%. However, the joy was short-lived and Grifols alternated between losses and gains, eventually closing virtually flat and gaining 0.25%. The company confirmed yesterday, Sunday, that after contacting the Haier Group in connection with the sale of a stake in SRAAS that both companies had negotiated, the vice president of Haier announced that her company “continues to work to implement the agreement on its original terms to complete”.
This confirmation came yesterday after last week’s news that questioned the closure of this operation and the subsequent deleveraging.
Grifols fell 38% on the stock market last week amid an attack by analyst firm and investment fund Gotham City Research, which accused the plasma derivatives maker of falsifying its financial statements and using the Scranton company linked to the family to drive down the price Debt ratio of the company. The key milestone in debt reduction is the completion of the collaboration with Haier, announced in December.
Grifols announced at the end of the year that it had reached an agreement with Haier to sell 20% of Shanghai RAAS to the equipment group for almost 1.6 billion, which will be used entirely to reduce the laboratory’s debt, which currently stands at over 9 .5 billion. . The Catalan pharmaceutical company will retain just over 6% of Shanghai RAAS.
Nervousness spread among investors on Friday after Grifols managers, including President Thomas Glanzmann, held a conference with analysts and investors to deny Gotham’s allegations. At that meeting, managers assured that there would be no penalties for Haier if it decided not to proceed with the agreement to buy Shanghai RAAS, which is why shares have plunged another 10.4% since Gohtham’s attack on Tuesday.
Renta 4 analysts explain that this news that negotiations for the sale of Shanghai RAAS are continuing is “transcendent”, since the completion of the sale of 20% of SRAAS is an essential condition to reduce debt with the means to can have shorter terms that are necessary to repay all debts and thus eliminate doubts about the company’s ability to cope.”
The analysis firm adds: “The attack on Gotham occurred immediately after the announcement of this agreement (with a value at annual highs) but before the operation was closed and in an effort to present an obstacle to it, as the closure of this and the.” By “Consistently reducing debt will significantly reduce the company’s risks and negate much of the arguments in its report (excessive debt is unmanageable for Grifols).”
For their part, Bankinter’s experts consider this news to be neutral since “the expected 1.6 billion euros from this sale will be used to reduce debt, which is nothing new.” The analysis house reminds that the debt ratio is 9 times Ebitda and Debt maturities can become a problem.
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