Glanbia : Improving momentum for GPN confirmed. Outperform rating maintained and target price raised to € 15
>Ongoing improvement in fundamentals: Q1 sales up 9.7% l-f-l - Glanbia yesterday reported its Q1 activity indicators. Organic growth came in at a robust +9.7%, driven by a volume effect of 11.5% while prices came in 1.8% lower due to the trend for cheese product prices for the US Cheese division (sales +6.5% with -6.9% of price effect). Sports Nutrition (GPN) and ingredients (NS) post robust growth of 14.1% and 7.9% respectively. GPN volumes were up 9.5% despite a pos...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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