Next Moves at Glanbia | GPN Spin-Off | M&A Ideas (THG & Perfect Day) | Glanbia 2023 Q1 Update

Glanbia is certainly making that cheddar…figuratively and literally, but which GPN brand has been cutting the cheese lately? Glanbia Performance Nutrition is one of two wholly-owned segments of Glanbia plc (LON:GLB), a multi-billion dollar global nutrition company. The brands in the Glanbia Performance Nutrition portfolio include; Optimum Nutrition, BSN, think!, Isopure, Amazing Grass, and SlimFast. I'll use the recent earnings report, earnings call, and associated news to update you on how Glanbia Nutritionals and Glanbia Performance Nutrition is performing against the complex operating environment. Glanbia Performance Nutrition had 2023 Q1 revenue growth of 4.6% YoY on a constant currency basis from strong pricing increases. Additionally, I'll dive deeper into Glanbia Performance Nutrition categorial performance (performance nutrition, healthy lifestyle, and weight management). BTW I’m thinking about the creation of a change.org petition for the Glanbia Performance Nutrition division name to be amended to The Optimum Nutrition Company. This one brand alone now accounts for 60% of the total GPN revenue. This quarter, Optimum Nutrition had 20.8% growth and even more impressive U.S. consumption growth of 36.1%. With these recent Optimum Nutrition growth numbers…I want to be one of the first to congratulate the performance nutrition brand on becoming the most recent categorical brand to reach $1 billion in annualized revenue. Finally, I talk through a recent Glanbia M&A transaction and what that could or should signal from my perspective. I know I’ve talked about this a year ago, but it feels like Glanbia is at a bit of a crossroads right now. Path number one…do nothing substantial from an outside perspective and just use excess liquidity to rebalance risk tolerance to increase marketing and/or product innovation. Path number two…add a large asset through M&A. I’ve thrown out two compelling ones lately…THG (aka Myprotein), but you’d need to divest the beauty segment. The other was the precision fermentation startup Perfect Day that would have all kinds of interesting future plays. Path number three…Glanbia should start the corporate communications around a spin off its Glanbia Performance Nutrition division into a standalone company with a dual listing in the United States and Ireland. Either way…Glanbia has certainly become an increasingly fun behemoth to watch, right? FOLLOW ME ON MY SOCIAL MEDIA ACCOUNTS LINKEDIN - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/in/joshuaschallmba⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ TWITTER - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.twitter.com/joshua_schall⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ INSTAGRAM - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.instagram.com/joshua_schall⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ FACEBOOK - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.facebook.com/jschallconsulting