GLB

Glanbia (GLB)

Company name:	Glanbia Plc
Company Description:	Processing and marketing of cheese; dairy-based food ingredient and nutritional products; dairy-based consumer products; fresh milk; consumer and other meat products; manufacture of animal feedstuffs and trding in agricultural products
EPIC:	GLB	Trading Currency:	EUR
Market Sector:	ON10	ISIN:	IE0000669501
Market Segment:	SET3	Share Type:	DE
WWW Address:	http://www.glanbia.com/	Description:	ORD EUR0.06 (CDI)
Industry Sector:	FOOD PRODUCERS

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
12.30	0.07 [0.57]	11.76	12.88	11.90	12.21	11.90	91,399
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
3,590.88	291.94	0.01	79.28	24.20	15.51	1.97	15.50 - 9.55

Glanbia Key Figures

Key Figures
(at previous day's close)
Market Cap.	3,590.88	m
Shares In Issue	291.94	m
Prev. Close	12.23
PE Ratio	15.51
Dividend Yield	1.97	%
EPS - basic	79.28	¢(€)
Dividend PS	24.20	¢(€)
Dividend Cover	-
Cash Flow PS	94.23	¢(€)
Return On Equity (ROE)	14.73	%
Operating Margin	11.18	%
PEG Factor	-0.54
EPS Growth Rate	-28.99	%
Dividends PS Growth Rate	42.35	%
Net Debt	1,285.00	m
Gross Gearing	48.72	%
Quick Assets	616.30	m
Net Working Capital	481.50	m
Intangibles / Fixed Assets	62.16	%
Turnover PS	817.39	¢(€)
Pre-Tax Profit PS	91.39	¢(€)
Retained Profit PS	54.12	¢(€)
Cash PS	76.93	¢(€)
Net Cash PS	-100.98	¢(€)
Net Tangible Asset Value PS *	97.66	¢(€)
Net Asset Value PS	544.32	¢(€)
Spread	1.12 (8.70%)
* Calculation based on Ordinary Capital figure as contained in last annual report, and the most recent shares in issue figure. Therefore the ratio might be exposed to inaccuracies.

Glanbia Balance Sheet

%1$s Balance Sheet

Share Price Performance

Share Price Performance
Sample Period ^†	High	Low
1 week	13.15	11.90
4 weeks	13.15	11.90
12 weeks	15.50	11.30
1 year	15.50	9.55

Share Price Chart (5 years)

Glanbia Historic Returns

%1$s Historic Returns
Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	12.90	-0.60	-4.65	11.90	0.03		12.30
4 weeks	12.65	-0.34	-2.73	11.90	0.02		12.49
12 weeks	13.25	-0.95	-7.17	11.30	0.04		12.66
26 weeks	14.36	-2.06	-14.35	11.30	0.04		13.77
1 year	10.35	1.95	18.84	9.55	0.04		13.27
3 years	16.27	-3.97	-24.40	7.45	0.06		12.09
5 years	15.70	-3.40	-21.66	7.45	0.07		13.76
† periods calculated are whole weeks rather than calendar months

Glanbia Key Management Ratios

DEEPER ANALYSIS

Glanbia Investment Ratios

%1$s Investment Ratios
(Market value analysis) at previous day's close
PQ Ratio	20.44
PE Ratio	15.51
Tobin's Q Ratio	1.29
Tobin's Q Ratio (excl. intangibles)	2.16
Dividend Yield	1.97	%
Market-to-Book Ratio	2.26
Price-to-Pre-Tax Profit PS	13.46
Price-to-Retained Profit PS	22.73
Price-to-Cash Flow PS	13.05
Price-to-Sales PS	1.50
Price-to-Net Tangible Asset Value PS	12.60
Price-to-Cash PS	15.99
Net Working Capital PS	164.93
Price Pct to Working Capital PS	7.46	%
Earnings Yield	6.45	%
Average PE	0.22
Years in average	5
PE to PE average	7,143.60	%

Glanbia Financial Ratios

%1$s Financial Ratios
(Leverage Ratios)
Debt Ratio	38.39	%
Debt-to-Equity Ratio	0.62
Debt-to-Equity Ratio (excl. Intgbl)	3.47
Debt-to-Equity Market Value	0.28
Net Gearing	41.47	%
Net Gearing (excl. Intangibles)	71.60	%
Gross Gearing	48.72	%
Gross Gearing (excl. Intangibles)	84.11	%
Gearing Under 1 Year	16.76	%
Gearing Under 1 Year (excl. Intgbl)	28.94	%
Assets/Equity	1.95
Cash/Equity	14.13
(Liquidity Ratios)
Net Working Capital to Total Assets	15.54	%
Current Ratio	1.93
Quick Ratio (Acid Test)	1.19
Liquidity Ratio	0.43
Cash & Equiv/Current Assets	22.44	%
(Solvency Ratios)
Enterprise Value	4,356.48	m
CFO/Sales	0.12
CFO/Attributable Profit	1.18
CFO/Assets	0.09
CFO/Debt	0.18
Total Debt/Equity Market Value	0.42
Total Debt/Sales	0.63
Total Debt/Pre-Tax Profit	5.66
Total Debt	1,509.60	m
Total Debt/Net Current Assets	3.14	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	3.37	%
5 yr Compound Earnings Growth	9.83	%
10 yr Compound Earnings Growth	7.50	%
Earn drops > 5% in 10yrs	8

Beta coefficients
Beta (60-Mnth)	Beta (36-Mnth)
0.0057	0.0047

Glanbia Operating Ratios

%1$s Operating Ratios
(Profitability Ratios)
Return On Capital Employed (ROCE)	10.34	%
Return On Assets (ROA)	8.38	%
Net Profit Margin	9.81	%
Assets Turnover	0.86
Return On Equity (ROE)	14.73	%
Return On Investment (ROI)	10.03	%
Dividend Payout Ratio	30.52	%
Plowback Ratio	69.48	%
Growth from Plowback Ratio	10.94	%
Net Income Of Revenues	6.62	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	1.61
Fixed Assets Turnover	1.26
Current Assets Turnover	2.65
Net Working Capital Turnover
Inventory Turnover	6.76
(Other Operating Ratios)
Total Assets-to-Sales	1.17
Debtors-to-Sales	14.81	%
Debt Collection Period	54.07	Days

Glanbia Dividends

%1$s Dividends
Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
12 Aug 2021	Interim	EUX	11.75	31/12/2020	31/12/2021	19/08/2021	20/08/2021	01/10/2021	-
24 Feb 2021	Final	EUX	15.94	31/12/2019	31/12/2020	25/03/2021	26/03/2021	07/05/2021	26.62
12 Aug 2020	Interim	EUX	10.68	31/12/2019	31/12/2020	20/08/2020	21/08/2020	02/10/2020	-
26 Feb 2020	Final	EUX	15.94	31/12/2018	31/12/2019	12/03/2020	13/03/2020	24/04/2020	26.62
31 Jul 2019	Interim	EUX	10.68	31/12/2018	31/12/2019	22/08/2019	23/08/2019	04/10/2019	-
20 Feb 2019	Final	EUX	14.49	31/12/2017	31/12/2018	14/03/2019	15/03/2019	26/04/2019	24.20
09 Aug 2018	Interim	EUX	9.71	31/12/2017	31/12/2018	23/08/2018	24/08/2018	05/10/2018	-
21 Feb 2018	Final	EUX	16.09	31/12/2016	31/12/2017	15/03/2018	16/03/2018	27/04/2018	17.00
10 Aug 2017	Interim	EUX	5.91	31/12/2016	31/12/2017	24/08/2017	25/08/2017	06/10/2017	-
22 Feb 2017	Final	EUX	7.94	31/12/2015	31/12/2016	16/03/2017	17/03/2017	28/04/2017	13.31
17 Aug 2016	Interim	EUX	5.37	31/12/2015	31/12/2016	25/08/2016	26/08/2016	07/10/2016	-
24 Feb 2016	Final	EUX	7.22	31/12/2014	31/12/2015	17/03/2016	18/03/2016	29/04/2016	12.10
19 Aug 2015	Interim	EUX	4.88	31/12/2014	31/12/2015	03/09/2015	04/09/2015	16/10/2015	-
25 Feb 2015	Final	EUX	6.57	31/12/2013	31/12/2014	06/04/2015	07/04/2015	15/05/2015	11.00
20 Aug 2014	Interim	EUX	4.43	31/12/2013	31/12/2014	27/08/2014	29/08/2014	10/10/2014	-
12 Mar 2014	Final	EUX	5.97	31/12/2012	31/12/2013	02/04/2014	04/04/2014	16/05/2014	10.00
21 Aug 2013	Interim	EUX	4.03	31/12/2012	31/12/2013	28/08/2013	30/08/2013	11/10/2013	-
13 Mar 2013	Final	EUX	5.43	31/12/2011	31/12/2012	17/04/2013	19/04/2013	31/05/2013	9.09
29 Aug 2012	Interim	EUX	3.66	31/12/2011	31/12/2012	05/09/2012	07/09/2012	19/10/2012	-
29 Feb 2012	Final	EUX	4.94	31/12/2010	31/12/2011	28/03/2012	30/03/2012	11/05/2012	8.27
24 Aug 2011	Interim	EUX	3.33	31/12/2010	31/12/2011	31/08/2011	02/09/2011	14/10/2011	-
02 Mar 2011	Final	EUX	4.49	31/12/2009	31/12/2010	06/04/2011	08/04/2011	20/05/2011	7.52
25 Aug 2010	Interim	EUX	3.03	31/12/2009	31/12/2010	08/09/2010	10/09/2010	29/09/2010	-
10 Mar 2010	Final	EUX	3.95	31/12/2008	31/12/2009	28/04/2010	30/04/2010	26/05/2010	6.84
26 Aug 2009	Interim	EUX	2.89	30/12/2008	30/06/2009	09/09/2009	11/09/2009	30/09/2009	-
04 Mar 2009	Final	EUX	3.76	31/12/2007	31/12/2008	22/04/2009	24/04/2009	20/05/2009	6.51
27 Aug 2008	Interim	EUX	2.50	30/12/2007	30/06/2008	10/09/2008	12/10/2008	01/10/2008	-
27 Mar 2008	Final	EUX	3.58	31/12/2006	31/12/2007	23/04/2008	25/04/2008	20/05/2008	6.08
07 Mar 2007	Final	EUX	3.41	31/12/2005	31/12/2006	25/04/2007	27/04/2007	22/05/2007	5.79
06 Sep 2006	Interim	EUX	2.38	01/01/2006	01/07/2006	13/09/2006	15/09/2006	04/10/2006	-
01 Mar 2006	Final	EUX	3.24	31/12/2004	31/12/2005	19/04/2006	21/04/2006	22/05/2006	5.51
31 Aug 2005	Interim	EUX	2.27	02/01/2005	02/07/2005	07/09/2005	09/09/2005	05/10/2005	-
02 Mar 2005	Final	EUX	3.09	01/01/2004	01/01/2005	20/04/2005	22/04/2005	23/05/2005	5.25
31 Aug 2004	Interim	EUX	2.16	03/01/2004	03/07/2004	08/09/2004	10/09/2004	06/10/2004	-
03 Mar 2004	Final	EUX	2.94	03/01/2003	03/01/2004	21/04/2004	23/04/2004	24/05/2004	5.00
27 Aug 2003	Interim	EUX	2.06	05/01/2003	05/07/2003	03/09/2003	05/09/2003	01/10/2003	-
05 Mar 2003	Final	EUX	2.80	04/01/2002	04/01/2003	23/04/2003	25/04/2003	26/05/2003	4.76
28 Aug 2002	Interim	EUX	1.96	30/12/2001	30/06/2002	04/09/2002	06/09/2002	02/10/2002	-
06 Mar 2002	Final	EUX	2.67	31/12/2000	31/12/2001	24/04/2002	26/04/2002	27/05/2002	4.50
05 Sep 2001	Interim	EUX	1.87	01/01/2001	01/07/2001	10/09/2001	14/09/2001	10/10/2001	-
07 Mar 2001	Final	EUX	2.53	30/12/1999	30/12/2000	25/04/2001	27/04/2001	28/05/2001	4.30
06 Sep 2000	Interim	EUX	1.78	01/01/2000	01/07/2000	18/09/2000	22/09/2000	18/10/2000	-
08 Mar 2000	Final	EUX	3.25	31/12/1998	31/12/1999	17/04/2000	25/04/2000	18/05/2000	5.60
02 Sep 1999	Interim	EUX	2.35	03/01/1999	03/07/1999	13/09/1999	17/09/1999	06/10/1999	-

Glanbia Fundamentals

Profit and Loss Account
	31 Dec 2015 (EUR)		31 Dec 2016 (EUR)		31 Dec 2017 (EUR)		31 Dec 2018 (EUR)
turnover	2,774.33	100.00%	2,847.89	100.00%	2,387.10	100.00%	2,386.30	100.00%	m
pre tax profit	245.04	8.83%	252.79	8.88%	229.70	9.62%	266.80	11.18%	m
attributable profit	183.27	6.61%	211.82	7.44%	329.40	13.80%	234.00	9.81%	m
retained profit	149.38	5.38%	174.66	6.13%	288.40	12.08%	158.00	6.62%	m
eps - basic	62.08		71.77		111.65		79.28
eps - diluted	61.87		71.53		111.36		79.04
dividends per share	12.10		13.31		17.00		24.20

Glanbia Balance Sheet

Balance Sheet
	31 Dec 2015 (EUR)		31 Dec 2016 (EUR)		31 Dec 2017 (EUR)		31 Dec 2018 (EUR)


	31 Dec 2015 (EUR)		31 Dec 2016 (EUR)		31 Dec 2017 (EUR)		31 Dec 2018 (EUR)
ASSETS
fixed assets	586.19	22.11%	628.24	23.19%	442.20	17.81%	453.00	14.62%	m
intangibles	951.53	35.89%	966.20	35.67%	959.80	38.65%	1,304.00	42.08%	m
fixed investments	169.65	6.40%	179.99	6.65%	281.90	11.35%	340.80	11.00%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	344.35	12.99%	366.53	13.53%	321.60	12.95%	384.60	12.41%	m
debtors	388.34	14.65%	348.83	12.88%	315.30	12.70%	391.70	12.64%	m
cash & securities	210.89	7.96%	218.86	8.08%	162.20	6.53%	224.60	7.25%	m

TOTAL	2,650.95	100%	2,708.66	100%	2,483.00	100%	3,098.70	100%	m

LIABILITIES
creditors - short	524.16	19.77%	567.62	20.96%	398.30	16.04%	519.40	16.76%	m
creditors - long	1,063.72	40.13%	913.97	33.74%	703.00	28.31%	990.20	31.96%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	1,587.88	59.90%	1,481.59	54.70%	1,101.30	44.35%	1,509.60	48.72%	m

EQUITY
ord cap, reserves	1,054.56	39.78%	1,216.00	44.89%	1,381.70	55.65%	1,589.10	51.28%	m
prefs, minorities	8.52	0.32%	11.07	0.41%	-	-%	-	-%	m

TOTAL	1,063.07	40.10%	1,227.07	45.30%	1,381.70	55.65%	1,589.10	51.28%	m

OTHER
NAV Basic	-		-		-		-
NAV Diluted	-		-		-		-

Glanbia Cash Flow Statement

%1$s Cash Flow Statement
	31 Dec 2015 (EUR)	31 Dec 2016 (EUR)	31 Dec 2017 (EUR)	31 Dec 2018 (EUR)
Operating CF	276.71	322.91	91.10	275.10	m
Pre-Financing CF	6.98	218.76	77.10	-119.70	m
Retained CF	51.05	15.46	-43.00	39.90	m

Glanbia Brokers

%1$s Brokers
Name	Activity	Type	Mnemonic	Code
J & E Davy	Market Maker(MME)	Broker/Dealer	DAVY	DAVEIE21
Deutsche Bank AG London Branch	Market Maker(MME)	Broker/Dealer	DEUT	DEUTGB2L
Goodbody Stockbrokers	Market Maker(MME)	Broker/Dealer	GOOD	GDBSIE2D002
Goldman Sachs International	Market Maker(MME)	Broker/Dealer	GSCO	GSILGB2X
Morgan Stanley Securities Ltd	Market Maker(MME)	Broker/Dealer	MOST	MSSEGB21
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC