When Glanbia shareholders gather for the company’s annual general meeting at the end of this month the mood in the room is likely to be fairly grim. Since the last AGM Glanbia’s share price has dropped by more than 40%, wiping around €1.7bn off the value of the company.

The largest shareholder, Tirlán has seen its plans for a major investment fund hollowed out by the tumble. Many of Glanbia’s other shareholders are current or former suppliers to the co-op – all of whom will also be looking for a recovery in the share price.

Dublin-based Goodbody Stockbrokers recently published an analysis of Glanbia’s performance and put a target price on the shares and also did a “sum of its parts” valuation on the company to estimate how much it is actually worth.

The firm put a price target of €16 on Glanbia’s shares, but said that a valuation of the company on a division-by-division basis (Dairy Nutrition, Health & Nutrition, and Performance Nutrition), based on comparisons with industry peers would value Glanbia as a whole at around €21 a share.

Goodbody analysts cautioned that they do not expect a rapid rebound in Glanbia’s share price because of three factors. First, the price of whey will have to fall from recent highs before Glanbia can start to rebuild its margins. There are signs of a lot of extra whey capacity coming online in the US over the next 18 months, but the market will need to see the effect of those before repricing Glanbia shares.

Second is the competition Glanbia faces in the market for its key consumer products, particularly those sold under the Optimum Nutrition brand. Goodbody flagged US supermarket own-label brands as a possible threat here.

Finally, while the direct impact of Trump’s tariff policies should be fairly limited on Glanbia, the wider effect they are having on the investment landscape could mean equity markets are lower for longer. The Goodbody analysis fundamentally comes down to “wait and see” how those factors play out. Glanbia’s board and management will find out on April 30 at the Killashee Hotel whether the company’s shareholders will be happy with that as an answer after suffering such significant losses in the last 12 months.