Glanbia, €15.75: Re-iterate our “Buy” recommendation with an €18.30 target price

We reiterate our “Buy” rating on Glanbia as the stock trades toward the bottom end of its 24 month trading range. Glanbia provided a positive trading update in early November and continue to expect to report 7-10% earnings growth, with earnings per share expected to be at a record in 2017 & 2018. Further to this, Glanbia has a very strong balance sheet and is ambitious in looking for bolt on acquisitions. Although recent dollar weakness has been weighing on the share price, the company’s fundamentals remain robust. “Buy” with target price of €18.30

Dylan Simmonds
Equity Analyst

Darren McKinley, CFA
Senior Equity Analyst