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Oct 31 2019, 07:10 GMT
Glanbia
EPS guidance reiterated as branded challenges remain
DAVY VIEW
Glanbia’s nine-month trading update juxtaposes a strong delivery for its Nutritionals and Joint Venture activities against a branded business (excluding SlimFast) that is underperforming (near term) relative to stated ambitions and category fundamentals. Investor attention and valuation remains firmly wedded to the latter. We anticipate a modest upward revision to our FY 2019 EPS forecasts – led by non-GPN activities.
