We have only added one new company to the Iberian portfolio this quarter (Grifols (XMAD:GRF, Financial) preferred stock). This is a family-owned company and a world leader in plasma-derived medicines. At our purchase price we paid 11 times normalized estimated 2022 earnings, a very attractive level considering the entry barriers of this sector.
From azValor Asset Management's first-quarter 2021 commentary.