** Shares in Grifols GRLS.MC rise 6% after the Spanish pharmaceutical firm posted better-than-expected Q4 results with "show-stealing" FCF

** "Free cash flow steals the show," Berenberg says, referring to end-Q4 FCF of 335 million euros, which substantially beats its forecasts of 114 million euros

** J.P. Morgan also notes the key positive was FCF

** However, the brokerage says it would be prudent to wait for forward-looking outlook before giving full credit for the FCF improvement

** Grifols is set to reveal its 2025 and mid-term outlook later on Thursday

** The company also reports Q4 revenues of 1.98 billion euros ($2.07 billion), 4% above Visible Alpha consensus cited by Berenberg, and Q4 EBITDA of 526 million, slightly below the consensus

** Shares are on track for best day since mid-December, if gains hold, and second top performer on Madrid's IBEX 35 index .IBEX

($1 = 0.9545 euros)

(Reporting by Javi West Larrañaga)

((javier.west@thomsonreuters.com; +48 58 769 65 76))