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: 0.08
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

$7.26

05 Nov
2026

0.230

OPEN

$7.10

3.27%

HIGH

$7.26

1,901,561

LOW

$7.07

TARGET
$7.724 6.4% 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 FY27
Forecast		 FY28
Forecast
EPS (cps) 24.4 xxx
DPS (cps) 18.0 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 29.5 xxx
Dividend Yield 2.5% xxx
Div Pay Ratio(%) 73.8% 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: 12.67%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 6.98

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: 17/09 - ex-div 6.71c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx25.8
DPS All xxxxxxxxxxxxxxx53.8
Sales/Revenue xxxxxxxxxxxxxxx1,702.8 M
Book Value Per Share xxxxxxxxxxxxxxx121.5
Net Operating Cash Flow xxxxxxxxxxxxxxx115.0 M
Net Profit Margin xxxxxxxxxxxxxxx10.52 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx16.10 %
Return on Invested Capital xxxxxxxxxxxxxxx15.63 %
Return on Assets xxxxxxxxxxxxxxx10.51 %
Return on Equity xxxxxxxxxxxxxxx16.10 %
Return on Total Capital xxxxxxxxxxxxxxx21.26 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-92.5 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 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx5 M
Long Term Debt xxxxxxxxxxxxxxx15 M
Total Debt xxxxxxxxxxxxxxx20 M
Goodwill - Gross xxxxxxxxxxxxxxx169 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx644 M
Price To Book Value xxxxxxxxxxxxxxx6.18

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx72.8 M
Capex % of Sales xxxxxxxxxxxxxxx4.27 %
Cost of Goods Sold xxxxxxxxxxxxxxx891 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx565 M
Research & Development xxxxxxxxxxxxxxx4 M
Investments - Total xxxxxxxxxxxxxxx77 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

0.8

No. Of Recommendations

7
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

xx/xx/xxxx

1

xxx

-

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

18/08/2026

1

Buy

-

-

a2 Milk Company's FY26 result was broadly in line with the guidance provided in July, with revenue rising 12.4% year on year, 1.0% ahead of consensus. Reported profit fell -5.8% but was ahead of consensus by 1.8%.

It was a tough year, Ord Minnett notes, with a product recall in the US, and supply chain disruptions in China-label infant milk formula. Nevertheless, the business was able to grow sales. Revenue increased across all regions.

Guidance for FY27 underwhelmed, the broker notes, suggesting mid-single-digit revenue growth and an earnings margin of around 15%, with the first half FY27 margin materially down on first-half FY26.

While the 15% margin is a recovery from the shortage-affected FY26 margin of 14.4%, the recovery is not as swift as Ord Minnett hoped.

The broker maintains Buy, seeing the issues that have impacted on earnings as largely in the rear-view mirror, and anticipating the company can return to double-digit earnings growth in FY28 and FY29, helped too by the Pokeno acquisition.

Target falls to NZ$7.50 from NZ$9.20.

FORECAST
Ord Minnett forecasts a full year FY27 dividend of 15.00 cents and EPS of 20.83 cents.
Ord Minnett forecasts a full year FY28 dividend of 18.33 cents and EPS of 26.66 cents.

Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

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

12/10/2026

2

Overweight

-

-

Jarden maintains an Overweight rating for a2 Milk Co with its target price decreased to NZ$9.00 from NZ$9.30 following an analysis of first-quarter performance supporting China label market share recovery.

The analyst notes online inventory checks and social media reviews indicate restocking momentum has continued, with consumer discussions shifting away from supply chain and testing concerns towards product experience.

While pricing for early-stage infant milk formula across both China and English labels drifted downward, the company successfully launched its new ultra-premium a2 Zhi Chu Qi Run product at a higher price point to target lower-tier cities.

The analyst estimates achieving current China label forecasts would likely require the September exit offtake rate to reach approximately 67%, up from a 40% average in July.

Jarden trims its valuation to reflect higher risk-free rate assumptions while retaining a positive stance given reduced tail risks from prior product recalls.

FORECAST
Jarden forecasts a full year FY27 dividend of 19.16 cents and EPS of 24.58 cents.
Jarden forecasts a full year FY28 dividend of 22.50 cents and EPS of 29.83 cents.
Access Extra Coverage Research History >

A2M STOCK CHART

FNArena News on A2M

1
Rudi’s View: Lower Bond Yields & Other Catalysts

Oct 21 2026 - Rudi's View
2
In Case You Missed It – BC Extra Upgrades & Downgrades – 16-10-26

Oct 16 2026 - Weekly Reports
3
Australian Broker Call *Extra* Edition – Oct 12, 2026

Oct 12 2026 - Daily Market Reports
4
Rudi’s View: Post-August Stock Picks & Best Buys

Sep 10 2026 - Rudi's View
5
Rudi’s View: August Delivers Soft Guidance, Higher Dividends

Aug 26 2026 - Rudi's View

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Mar 23 2026 - Australia
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