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Aug 12 2021, 07:15 IST/BST
Glanbia
High quality interim result
DAVY VIEW
While the headline EPS out-turn was pre-announced, the construct of Glanbia’s interim result impressed on several levels – it married stellar earnings growth across both growth platforms and a material step up in cash generation. The actions taken by management in 2020 are now accruing to the P&L and cashflow – with a further €50m buyback announced. We will upgrade FY21 EPS by c.5% towards 85c. Positive earnings momentum, allied with improving earnings quality, remains supportive for the equity.
