It's been an awful three years for Glanbia shareholders since the Avonmore-Waterford merger went sour, but there are signs of better times in prospect.

Glanbia shares have more than doubled from their 42 cent low earlier this year, but shareholders can forget about scaling the heady peaks immediately after the merger when Glanbia reached €4.53 and the market had great expectations of the then chief executive Pat O'Neill's plans to become a world dairy player.

The new Glanbia is a different and much smaller animal from either Avonmore or Waterford, and chief executive Ned Sullivan, due to retire shortly, deserves considerable credit in the way he has sorted out the mess he inherited from his predecessors. The current price of 90 cents puts Glanbia on a forward p/e - cheap if you believe new chief executive John Moloney can continue the recovery.