A2 MILK COMPANY LIMITED (A2M)
Share Price Analysis and Chart

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A2M

A2M - A2 MILK COMPANY LIMITED

FNArena Sector : Dairy
Year End: June
GICS Industry Group : Food, Beverage & Tobacco
Debt/EBITDA: 0.37
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

The a2 Milk Company is dual listed on both the NZX and ASX. It produces and sells A1 protein-free milk and related products like infant formula. It was first listed in 2015.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$6.57

07 May
2026

0.030

OPEN

$6.55

0.46%

HIGH

$6.73

4,277,357

LOW

$6.54

TARGET
$8.61 31.1% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
BGA . BUB . NUC . NUC . SM1 . TFL .
FNARENA'S MARKET CONSENSUS FORECASTS
A2M: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) 25.1 xxx
DPS (cps) 18.7 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 26.0 xxx
Dividend Yield 2.9% xxx
Div Pay Ratio(%) 74.4% xxx
This company reports in NZD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 3.13%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 2.50

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 18/09 - ex-div 8.9c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx25.6
DPS All xxxxxxxxxxxxxxx18.2
Sales/Revenue xxxxxxxxxxxxxxx1,732.4 M
Book Value Per Share xxxxxxxxxxxxxxx185.8
Net Operating Cash Flow xxxxxxxxxxxxxxx183.8 M
Net Profit Margin xxxxxxxxxxxxxxx10.68 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx14.81 %
Return on Invested Capital xxxxxxxxxxxxxxx14.20 %
Return on Assets xxxxxxxxxxxxxxx10.94 %
Return on Equity xxxxxxxxxxxxxxx14.81 %
Return on Total Capital xxxxxxxxxxxxxxx17.38 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx124.3 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx41 M
Long Term Debt xxxxxxxxxxxxxxx52 M
Total Debt xxxxxxxxxxxxxxx93 M
Goodwill - Gross xxxxxxxxxxxxxxx95 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx1,019 M
Price To Book Value xxxxxxxxxxxxxxx4.30

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx3.6 M
Capex % of Sales xxxxxxxxxxxxxxx0.21 %
Cost of Goods Sold xxxxxxxxxxxxxxx934 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx570 M
Research & Development xxxxxxxxxxxxxxx4 M
Investments - Total xxxxxxxxxxxxxxx108 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.4

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

xx/xx/xxxx

3

xxxxxxx

-

xx.xx%

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Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

04/05/2026

3

Neutral

$8.40

27.85%

At first glance, Citi believes today's announcement by a2 Milk Co of a voluntary recall of three batches of a2 Platinum infant formula in the US is not financially material, but highlights several potential risks.

The broker flags possible brand damage if the issue gains traction on Chinese social media, despite the recall being limited to the US-labelled product.

Ongoing supply chain challenges remain a concern for the analyst, following prior manufacturing and logistics disruptions. It's noted uncertainty also remains around any impact on the company's US FDA submission for permanent access.

Citi retains a Neutral stance, citing risks that supply constraints may persist and that regaining lost consumers could prove difficult, particularly given limited valuation support for execution missteps. Target $8.40.

FORECAST
Citi forecasts a full year FY26 dividend of 17.62 cents.
Citi forecasts a full year FY27 dividend of 57.52 cents.

Morgans

xx/xx/xxxx

2

xxxxxxx xx xxxxxxxxxx xxxx xxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

(xx/xx/xxxx)

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

07/05/2026

4

Underweight

$9.20

40.03%

Jarden maintains an Underweight rating and NZ$9.20 target price for a2 Milk Co following a voluntary recall of three batches of a2 Platinum USA label infant milk formula.

The broker notes the recall was initiated after additional testing detected the presence of cereulide, driven by new compliance standards introduced by the New Zealand Ministry for Primary Industries in mid-April 2026.

The report highlights no confirmed incidents of infant illness have been recorded and the issue remains isolated to the US-specific formulation, meaning all products sold outside the US are unaffected.

This recall is not expected to impact the FY26 financial results, though it raises questions around potential future testing challenges for the broader product range exported to China under the stricter regulatory regime.

The rating is retained as near-term supply chain uncertainties and compliance risks offset recent share price weakness.
Access Extra Coverage Research History >

A2M STOCK CHART

FNArena News on A2M

1
Australian Broker Call *Extra* Edition – May 07, 2026

May 07 2026 - Daily Market Reports
2
Australian Broker Call *Extra* Edition – Apr 30, 2026

Apr 30 2026 - Daily Market Reports
3
Rudi’s View: The Risk Of Disappointment

Apr 22 2026 - Rudi's View
4
Weekly Ratings, Targets, Forecast Changes – 17-04-26

Apr 20 2026 - Weekly Reports
5
Australian Broker Call *Extra* Edition – Apr 16, 2026

Apr 16 2026 - Daily Market Reports

Latest Dairy News

1
Healthy Margins Underpin Bega’s FY31 Targets

May 06 2026 - Small Caps
2
a2 Milk Hit By ‘Perfect Logistics Storm’

Apr 15 2026 - Australia
3
a2 Milk Confidently Targets More Gains In China

Mar 23 2026 - Australia
4
Bega Cheese Preparing For Accelerated Growth

Sep 22 2025 - Small Caps
5
Growing Confidence in Bega Cheese

Jun 17 2025 - Small Caps
6
A2 Milks It

Feb 18 2025 - Australia
7
a2 Milk Starts Paying Dividends

Nov 27 2024 - Australia
8
Buy Call For a2 Milk

Mar 21 2024 - Technicals
9
A2 Milking It

Feb 21 2024 - Australia
10
Treasure Chest: Bega Cheese

Oct 18 2022 - Treasure Chest