Glanbia : Confidence on the outlook for the GPN and NS divisions which remain core for the group
>Recommendation and target price maintained - A CMD that contained no major surprises. Management presented its growth drivers for the GPN and NS divisions which remain a priority for the group. The targets for 2023-2025, broadly in line with the previous medium-term targets, may appear cautious but justified by the lack of visibility particularly for 2023 with the risk of recession, the continuing conflict in Ukraine and the consequences of inflation. We are leaving...Glanbia is a performance nutrition and ingredients group, engaged in providing performance nutrition, cheese, dairy ingredients, specialty non-dairy ingredients and vitamin and mineral premixes. Co. segments include: Global Performance Nutrition, which is involved in the branded performance nutrition business; Global Ingredients, which manufactures cheddar cheese, provides dairy and non-dairy nutritional ingredients and micro-nutrient premixes; Dairy Ireland, which is engaged in the manufacture and sale of a range of consumer products and farm inputs; and Joint Ventures & Associates, which is engaged in the manufacture and sale of cheese, dairy ingredients and dairy consumer products.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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