Glanbia : Reassuring outlook for GPN and NS. Fundamentals are being strengthened and the valuation is affordable
>GPN: margin guidance improved thanks to better mix expected - 9-month organic growth for GPN was 2.7% reflecting a fall of -1.8% in the Americas, offset by solid growth on international markets of 12.3%. The fall in Slimfast sales (-34% vs -31% in H1) continued to weigh on activity in Q3 in a complicated and competitive US weight management market. ON products continued to grow, rising 12.5%, supported by the price hikes introduced in 2022 and also by good volume res...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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