grifflesStock market crashes this Tuesday due to bearish fund report Gotham City Investigation Questioning the debt figures reported by the Catalan multinational blood products company, China has had a problem for some time: a huge debt Debt of over 9.5 billion euros. One of his goals was to sell all or part of his business in China. Shanghai RAAS (SRAAS).
After unsuccessful negotiations, the first Chinese Resourcesnegotiations have stalled; and then with a public company China MerchantsAlthough no agreement could be reached, it was announced at the end of December that an agreement had been reached. Haier Group Company For sale as equivalent of 20% approximately 1.6 billion euros. According to the terms of the agreement Grifols Retained 6.58% stake in SRAASThus, we have one foot in the Chinese market. In a note to the National Securities Market Commission (CNMV), the group “categorically” denied “any accusations of accounting practices or inaccurate information” in its financial statements, predicting: Capital gain from the sale of this share is 250 million euros.
At that time, Grifols reaffirmed the strategy followed in recent months at its shareholders’ meeting. It is aimed to allocate the resources obtained in this operation to reduce liabilities through debt reduction and liquidations.. In presenting the results for the third quarter, the company stated that the period between July and September was “Significant revenue growth, acceleration of profitability and reaffirmation of commitment to deleveraging”.
Debt almost not reduced but improved In doing so, the leverage ratio resulted in 6.7 times gross operating result (EBITDA), compared to 8.6 times a year ago.. Presenting the results, the group reiterated its determination that “deleveraging remains a priority.” The commitment was to reach 4 times by the end of 2024 and 4.0 times by the end of 2024. Total accumulated debts 9,540 million euros. Gothan City actually claims that: leverage will be between 10 and 13 times.
President and CEO
The truth is that the company passed an ordeal during the epidemic and there was strong turbulence in the markets leading to the Swiss appointment. Thomas GlanzmannAlready chairman and succeeding two cousins as CEO Victor and Raimon Grífols, Who shared the position? Glanzmann was appointed CEO in February 2023 following the resignation of Steven F. Mayer for health reasons and subsequently assumed responsibility for leading the company through its post-pandemic recovery phase. Three months later he relieved the Grífols and Added CEO position to executive chairman positionThus, he took control of the entire management.
Thanks to all these changes and the return of profits in the third quarter of last year, Grifols has become one of the values. With positive balance on Ibex and most analysts saw huge growth potential. The Gothan City analysis is based on both Grifols and ScrantonThe family company, which owns 8.4% of the company, is misleading investors about its financial statements and, as a result, The group’s shares would be worth zero euros, let alone have a huge revaluation potential.