Analyst Note
| Karen Andersen, CFA |We're maintaining our Grifols Class B (nonvoting) fair value estimates of EUR 16/$19.10 following the firm's third-quarter business update, which generally appears to support our long-term assumptions. We continue to see shares as significantly undervalued, as we expect long-term demand and pricing will remain strong for plasma-derived products, despite new competition in certain niches. Partly thanks to continued investment in plasma centers as well as innovative technologies, Grifols' position in the global plasma oligopoly remains solid and warrants a narrow moat.