Paring back expectations: Incorporating commodity price changes and FX movements, we pare back FY19E adj. EPS by 1.3%. We forecast that the now expected skew in profits to the second half of the year will be more pronounced this year given flagged headwinds to GPN volumes in H119 and the IFRS 17-driven impact on GN margins. For H119E, we forecast adj. EPS of 34.11c on EBITA of €117.5m and revenue of €1.75bn. Numbers skewed to H2: We expect Q119A GPN volume weakness to have continued through Q219E (INVe -8.0%; H119E -12.3%), but conversely believe GN Q119A strength will boost GN H119E volumes (INVe 7.6%). On pricing, we assume dips in H119E for GPN (-2.9%) and GN (-0.5%). Implementation of price increases are reflected in our GN H219E forecast (+5.6%), but we remain cautious on GPN at this stage (INVe -2.7% for H219E) given it has reported negative pricing in H2 in each of the last four years. Undervalued: We understand there is natural investor caution over Glanbia after weak Q119A GPN volume numbers and the expectation that H1 margins are under pressure. However, we believe these have been quantified and are in market expectations such that, on both a peer comparative and DCF basis, the stock is oversold. Glanbia trades at a weighted average 31.4% discount to its peers. Trading at a 10% discount to reflect volume and margin concerns would give a valuation of €19.38. Running revised forecasts into our DCF model derives a value of €19.91 for Glanbia, down from €21.04. Combining both at an equal weighting generates our €19.65 TP, down from €20.90. As this implies a FTR of 38.1%, we reiterate our Buy recommendation.