European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

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Grifols S A (GRF/P SM) - Friday, Mar 22, 2024

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Equity Bottom-Up

<ul>
<li>Moody's Ratings downgraded Grifols' corporate family rating to B3 from B2, with a stable outlook, due to high leverage, and complex, opaque corporate governance involving related-party transactions.</li>
<li>Moody's considers Grifols's liquidity to still be "fragile," noting that "while adequate for the next 12 months, beyond that, maintaining adequate liquidity will depend on returning to positive FCF generation.</li>
<li>For risk-tolerant investors, the current low share price could present a long-term buying opportunity if Grifols successfully executes its strategic initiatives.</li>
</ul>


Moody's Ratings downgraded Grifols' corporate family rating to B3 from B2, with a stable outlook, due to high leverage, and complex, opaque corporate governance involving related-party transactions.
Moody's considers Grifols's liquidity to still be "fragile," noting that "while adequate for the next 12 months, beyond that, maintaining adequate liquidity will depend on returning to positive FCF generation.
For risk-tolerant investors, the current low share price could present a long-term buying opportunity if Grifols successfully executes its strategic initiatives.


Shanghai RAAS Blood Products C (002252 CH)

Grifols SA

Another Debt Downgrade