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|21/09/2016 11:50:31||London Stock Exchange||Block listing Interim Review|
|17/08/2016 07:00:07||London Stock Exchange||Half-year Report|
|10/06/2016 12:16:33||London Stock Exchange||Director/PDMR Shareholding|
|02/06/2016 15:26:09||London Stock Exchange||Glanbia Coop Exchangeable Bond successfully placed|
|02/06/2016 07:05:03||London Stock Exchange||GLANBIA CO-OP TO ISSUE 5 YEAR EXCHANGEABLE BOND|
|27/05/2016 18:31:51||London Stock Exchange||Holding(s) in Company|
|12/05/2016 16:45:56||London Stock Exchange||Holding(s) in Company|
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Consensus eps falling…falling…falling…rising 2.0
29 Apr 16
In January we screened for companies with estimates that had been declining consistently since a year previously, but which had risen in the immediately preceding three months (see our note dated 22 January 2016). We have reviewed the performance of those companies and, given the overall strength of this selection, we have re-run the screen. In the c.3 months since selection, the unweighted average rise was c.34% against a c.11% rise in the main All-Share index. From the same universe as before (some 900 companies) we find 38 companies selected by the screen. We note a number of stocks in the list where we have a supportive stance including: Devro (DVO LN, Buy), James Fisher (FSJ LN, Corporate), Mattioli Woods (MTW LN, Buy) and Spirent Communications (SPT LN, Buy).
Q1: Good quarter driven by the Americas and an improved China
20 Oct 16
Pernod’s Q1 update: sales grew organically +4% (cons. +2.7%). OG by division: Europe +6% (cons. +2%, +2% restated for technical impact), the Americas +8% (cons. +2.8%), Asia/ROW +0% (cons. +2.5%). On reported figures, sales were up +1% (FX: -3%). OG by category: International brands +3% (vs. 2% last year), Strategic Local brands +5% (in line with last year), Wines -1%. The company highlighted the good performance in the US and India, early signs of improvement in China, and a difficult Africa & Middle East (due to macro and geopolitical situations) and Travel retail in Asia & Europe. The company maintained its FY guidance: 2-4% organic growth in profit from recurring operations.
Q2 above expectations lifted by the US and China
18 Oct 16
H1 update: sales grew organically +4.1% (cons. +2.4%, Q2: +7.4%). On reported figures sales were up +2.5% (FX: -1.6%). H1 performance by division: Remy Martin +5.1% (cons. +3.1%), L&S +5.1% (cons. +2.3%), Partner brands -3.1% (cons. -1.3%). The company maintained its FY guidance: improvement in current operating profit, assuming constant FX and scope of consolidation.
Q3: Transition in China weighs on results
18 Oct 16
Q3 update: sales grew lfl +2.1% (cons. +2.4%) with -0.7% volume growth and +2.8% pricing. On reported figures, sales were down 1.8% (FX: -4.1%, scope of consolidation +0.2%). OG by division: Fresh Dairy +2.2% (cons. +2.5%), Waters -0.1% (cons. +1%), Early Life Nutrition +1.7% (cons. +2.5%), Medical Nutrition +9.7% (cons. +7%). Fresh dairy saw stronger pricing +4.2% on the back of negative volumes in the CIS and LatAm regions. Waters were impacted by the transition phase and floods in China (excluding China, the Waters performance is up mid single-digit). The Early Life Nutrition performance was impacted by tough comparables and the transition from an indirect to a direct sales model in China (excluding indirect sales, ELN was up mid single-digit in China). Medical Nutrition’s excellent performance was driven across all geographies. The company maintains its FY guidance: 3-5% organic top-line growth and 50-60bp lfl improvement in the operating margin, although the top-line is likely to be in the lower range of this.
Q3 disappoints, FY guidance adjusted downwards
20 Oct 16
Nestle’s 9M update: sales grew organically +3.3% (cons. +3.6%, Q3: +2.9% – a very weak quarter) with real internal growth (RIG) up 2.5% and pricing 0.8%. On reported figures, sales were up +1%. OG by division: the Americas +4.5% (cons. +4.7%, both price and RIG driven), EMENA +2.2% (cons. +2.5%, RIG driven, negative pricing), AOA 2.8% (cons. +2.9%, RIG driven), Waters +4.2% (cons. +3.9%, RIG driven, negative pricing), Nestle Nutrition +1.3% (cons. +1%, RIG driven), Other Businesses +4.6% (cons. 4.7%, RIG driven). In Q3, the Americas and EMENA performed more softly than in Q2; other divisions improved their performance. Emerging markets slowed to 5.1% OG; developed markets remain unchanged. For the FY, Nestle expects organic top-line growth of c. 3.5% (down from around 4%) with an in margins at constant FX and including restructuring charges.