Discounted Cash Flow

Grifols S.A. ADR

GRFS · Based on 10 years of SEC filings · Converted from EUR to USD

⚠ Cash flow predictability 47/100 (moderate) — FCF YoY std dev 69%, net income 58% (full history)

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income
Dividends

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $4.7b $633.6m $628.0m 13.5% $0.80
2017 $5.0b (6.6%) $769.8m (21.5%) $977.8m (55.7%) 15.3% (13.9%) $0.97 (21.2%)
2018 $5.2b (3.9%) $693.1m (-10.0%) $856.6m (-12.4%) 13.3% (-13.4%) $0.87 (-10.3%)
2019 $5.9b (13.6%) $726.2m (4.8%) $660.9m (-22.8%) 12.3% (-7.8%) $0.91 (4.6%)
2020 $6.2b (4.7%) $718.5m (-1.1%) $1.3b (95.2%) 11.6% (-5.5%) $0.90 (-1.1%)
2021 $5.7b (-7.3%) $219.2m (-69.5%) $547.4m (-57.6%) 3.8% (-67.1%) $0.28 (-68.9%)
2022 $7.1b (23.0%) $241.9m (10.4%) $-16.6m (-103.0%) 3.4% (-10.3%) $0.31 (10.7%)
2023 $7.7b (8.3%) $68.9m (-71.5%) $241.9m (1553.9%) 0.9% (-73.7%) $0.09 (-71.0%)
2024 $8.4b (9.4%) $182.3m (164.6%) $615.8m (154.5%) 2.2% (141.8%) $0.23 (155.6%)
2025 $8.7b (4.3%) $580.8m (218.6%) $724.8m (17.7%) 6.6% (205.4%) $0.59 (156.5%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

SEC filings report in EUR. Values above are converted to USD for comparison with the US-listed share price.

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model