INGHAMS GROUP LIMITED (ING)
Share Price Analysis and Chart

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ING - INGHAMS GROUP LIMITED

FNArena Sector : Food, Beverages & Tobacco

Year End: June

GICS Industry Group : Food, Beverage & Tobacco

Debt/EBITDA: 3.68

Index: ASX200 | ASX300 | ALL-ORDS

Inghams is Australia's number one provider of poultry food products as well as a producer of stockfeed. Founded in 1918 the family business was aquired by TPG Capital in 2014 and floated on the ASX in 2016.

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$3.12 21 Mar 2025	0.000 OPEN $3.12	0.000 HIGH $3.15	983,870 LOW $3.10

TARGET

$3.527

13.0% upside

Franking for last dividend paid out: 100%

OTHER COMPANIES IN THE SAME SECTOR
AMC . AVG . BFC . CKF . COL . DMP . EDV . GYG . LRK . MBH . MTS . RFG . SGLLV . TSI . TWE . WOA . WOW . YOW .

FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	27.3	28.4	xxx
DPS (cps)	xxx	20.0	19.6	xxx
EPS Growth	xxx	68.1%	4.1%	xxx
DPS Growth	xxx	37.9%	- 1.8%	xxx
PE Ratio	xxx	N/A	10.9	xxx
Dividend Yield	xxx	N/A	6.3%	xxx
Div Pay Ratio(%)	xxx	73.2%	69.1%	xxx

Dividend yield today if purchased 3 years ago: 6.64%

DIVIDEND YIELD CALCULATOR

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: 20/09 - ex-div 8c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2025 FactSet UK Limited. All rights reserved

Title	2019	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	xxx	27.3
DPS All	xxx	xxx	xxx	xxx	xxx	20.0
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	3,262.0 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	59.1
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	388.9 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	3.11 %

EPS Basic

Negative
Growth
Slowing

DPS All

Negative
Growth
Slowing

Sales/Revenue

Negative
Growth
Slowing

Book Value Per Share

Negative
Growth
Slowing

Net Operating Cash Flow

Negative
Growth
Slowing

Net Profit Margin

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	48.17 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	5.83 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	4.08 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	48.17 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	11.15 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	145.4 M

Return on Capital Employed

Negative
Growth
Slowing

Return on Invested Capital

Negative
Growth
Slowing

Return on Assets

Negative
Growth
Slowing

Return on Equity

Negative
Growth
Slowing

Return on Total Capital

Negative
Growth
Slowing

Free Cash Flow ex dividends

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	276 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	1,450 M
Total Debt	xxx	xxx	xxx	xxx	xxx	1,726 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	111 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	6.13

Short-Term Debt

Negative
Growth
Slowing

Long Term Debt

Negative
Growth
Slowing

Total Debt

Negative
Growth
Slowing

Goodwill - Gross

Cash & Equivalents - Generic

Negative
Growth
Slowing

Price To Book Value

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	xxx	161.7 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	4.96 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	2,641 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	395 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	4 M

Capex

Negative
Growth
Slowing

Capex % of Sales

Negative
Growth
Slowing

Cost of Goods Sold

Negative
Growth
Slowing

Selling, General & Admin. Exp & Other

Negative
Growth
Slowing

Research & Development

Investments - Total

Negative
Growth
Slowing

Negative

Growth

Slowing

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

Display All Commentary

Sentiment Indicator

0.3

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Morgans	xx/xx/xxxx	3	xxxxxxxxx xx xxxx xxxx xxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Macquarie	24/02/2025	1	Outperform	$3.50	12.18%	Inghams Group has reiterated FY25 guidance, targeting a more favourable mix to support margin expansion over the medium term. Macquarie observes the year has been well managed so far, despite disruptions, with the key being the ability to win new contracts with retail and quick service restaurant customers that offset the 75% contract volume decline with Woolworths. Cost control has also been positive despite the disruptions and Macquarie retains an Outperform rating. Target rises to $3.50 from $3.40. FORECAST Macquarie forecasts a full year FY25 dividend of 18.90 cents and EPS of 28.00 cents. Macquarie forecasts a full year FY26 dividend of 20.80 cents and EPS of 30.40 cents.
Bell Potter	xx/xx/xxxx	3	xxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Morgans

xx/xx/xxxx

xxxxxxxxx xx xxxx xxxx xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Macquarie

24/02/2025

Outperform

$3.50

12.18%

Inghams Group has reiterated FY25 guidance, targeting a more favourable mix to support margin expansion over the medium term.

Macquarie observes the year has been well managed so far, despite disruptions, with the key being the ability to win new contracts with retail and quick service restaurant customers that offset the 75% contract volume decline with Woolworths.

Cost control has also been positive despite the disruptions and Macquarie retains an Outperform rating. Target rises to $3.50 from $3.40.

FORECAST
Macquarie forecasts a full year FY25 dividend of 18.90 cents and EPS of 28.00 cents.
Macquarie forecasts a full year FY26 dividend of 20.80 cents and EPS of 30.40 cents.

Bell Potter

xx/xx/xxxx

xxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Access Stockbroker Research History >

EXTRA COVERAGE

Display All Commentary

No. Of Recommendations

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	03/03/2025	2	Overweight	$3.70	18.59%	The highlight of Inghams Group's 1H25 result was the recovery of 75% of volumes lost due to the revised contract with Woolworths ((WOW)) last year, Jarden comments. Net profit was 3% ahead of Jarden's forecast and the company left FY25 guidance unchanged at $236-250m, with the broker positioned at midpoint. Jarden expects Australian volumes to recover on new contract wins and growth in fast food businesses. The analyst is forecasting 1.5% and 2.5% volume growth in Australia in FY26 and FY27 respectively. For NZ, the forecast is for 2% volume growth and steady margins. Target price lifts to $3.70 from $3.65. Overweight maintained. FORECAST Jarden forecasts a full year FY25 dividend of 20.40 cents and EPS of 28.30 cents. Jarden forecasts a full year FY26 dividend of 20.80 cents and EPS of 29.60 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Jarden

03/03/2025

Overweight

$3.70

18.59%

The highlight of Inghams Group's 1H25 result was the recovery of 75% of volumes lost due to the revised contract with Woolworths ((WOW)) last year, Jarden comments.

Net profit was 3% ahead of Jarden's forecast and the company left FY25 guidance unchanged at $236-250m, with the broker positioned at midpoint.

Jarden expects Australian volumes to recover on new contract wins and growth in fast food businesses.

The analyst is forecasting 1.5% and 2.5% volume growth in Australia in FY26 and FY27 respectively. For NZ, the forecast is for 2% volume growth and steady margins.

Target price lifts to $3.70 from $3.65. Overweight maintained.

FORECAST
Jarden forecasts a full year FY25 dividend of 20.40 cents and EPS of 28.30 cents.
Jarden forecasts a full year FY26 dividend of 20.80 cents and EPS of 29.60 cents.

Access Extra Coverage Research History >

ING STOCK CHART

FNArena News on ING

1	Australian Broker Call Extra Edition – Mar 03, 2025 Mar 03 2025 - Daily Market Reports

2	Weekly Ratings, Targets, Forecast Changes – 28-02-25 Mar 03 2025 - Weekly Reports

3	FNArena Corporate Results Monitor – 24-02-2025 Feb 24 2025 - Australia

4	Rudi’s View: Best Ideas & Conviction Calls Feb 20 2025 - Rudi's View

5	Rudi’s View: AGL Energy, Bega Cheese, BRG, Harvey Norman, Imdex & Superloop Feb 06 2025 - Rudi's View

Latest Food, Beverages & Tobacco News

1	Risk Off Puts Supermarkets In Focus Mar 19 2025 - Australia

2	Choppy Waters For Endeavour Mar 04 2025 - Australia

3	Woolworths: Oh Lord, I Have Sinned Feb 28 2025 - Australia

4	Domino’s Painful Steps Yet To Convince All Feb 11 2025 - Australia

5	Collins Foods, The Earnings Comeback Kid? Dec 05 2024 - Australia

6	Metcash’s Earnings Geared To Housing Recovery Dec 04 2024 - Australia

7	Coles Wins The Battle, But The War? Nov 11 2024 - Australia

8	No Quick Fix For Woolworths Margins Nov 06 2024 - Australia

9	Guzman y Gomez Defying Consumer Squeeze Oct 15 2024 - Small Caps

10	Coles’ Dividend Attraction Meets ACCC Allegation Sep 24 2024 - Australia

Dividend Yield Today On Last Actual Payout :	6.43
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
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INGHAMS GROUP LIMITED (ING)
Share Price Analysis and Chart