Glanbia (1K) | Hold | Let the good times roll

研报英文原文证据摘录

Glanbia (1K) | Hold | Let the good times roll

#EarningsPreview #Positive #TPchange

Release date: 09 July 2026

Company research

ESG profile HoldGlanbia

Ireland | Food Beta Profile: MCap: EUR6.1bn

Target Price: EUR25.00 (19.00) Change in TP: 31.6 % Bloomberg: GLB ID Reuters: GL9.I

Current Price: EUR24.44 Change in Sales: 0.6% 26E/1.7% 27E Free float 80%

Up/downside: 2.3% Change in Adj EBIT: 1.8% 26E/2.5% 27E Avg. daily volume (EURm) 17.9

YTD abs performance 67.5% Market data: 08 July 2026 Change in Adj. EPS: 1.9% 26E/2.6% 27E

52-week high/low (EUR) 24.84/12.10

Let the good times roll Price performance

Why this report?

Ahead of the H1 results, we upgrade our TP and estimates and keep a Hold

rating. Although we think that valuation is a bit stretched, we believe that

Glanbia's good near-term profit momentum outweighs this concern. Within

the European foods universe, Glanbia offers a unique investment

opportunity, and we expect management to upgrade its FY guidance at H1

results. Hold, EUR25 TP.

Key findings

We believe that there is a good chance that Glanbia will upgrade its FY guidance

when it reports H1 results on 6 August. Today, the guidance stands at a growth of

the adjusted EPS at the high-end of the 7-11% range. However, with operational

momentum in the Performance Nutrition unit remaining strong, despite FY to 31/12 (USD) 12/26E 12/27E 12/28E

significant price increases in April, we think that a growth rate of 13% is possible. Sales 4,064 4,235 4,405

Demand trends in the US sports nutrition category have remained positive despite EBITDA adj. 541 580 612

EBIT adj. 466 501 531a high level of price increases, which are required to pass on record-high costs of Net profit adj. 378 405 431

whey powder.