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May 11 2021, 07:00 IST/BST
Glanbia
Quality of earning cadence improving
DAVY VIEW
We upgrade diluted adjusted EPS by 1.5% and 2.6% for FY21 and FY22 respectively. Positive earnings momentum allied with an improving cadence for earnings quality (divisional mix and cash flow) is highly supportive for equity enhancement. We see upside risk to both earnings and trading multiples.
