A2 MILK COMPANY LIMITED (A2M)
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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

$6.70

20 Aug
2026

-0.080

OPEN

$6.80

-1.18%

HIGH

$6.84

3,089,917

LOW

$6.67

TARGET
$7.804 16.5% 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) 25.4 xxx
DPS (cps) 18.4 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 27.0 xxx
Dividend Yield 2.7% xxx
Div Pay Ratio(%) 72.5% 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: N/A

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 N/A

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: 08/07 - ex-div 28.76c (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

Morgans

xx/xx/xxxx

2

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$xx.xx

xx.xx%

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xx/xx/xxxx

1

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xx.xx%

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UBS

18/08/2026

1

Buy

-

-

UBS believes the stock's de-rating is overdone while acknowledging some question marks remain around the China supply issues and the US product recall.

The analyst views the possibility of further ARA-related infant formula issues as low. Even with the "conservative" earnings assumptions around China label customer losses, forecast net profit after tax is still expected to double by FY31, with market share gains.

The stock is trading well below its long-term valuation of 32x. Buy rated with a NZ$9.20 target price.

EPS forecasts slip by -5% for FY27 and lift by 2% for FY28.

First Take: UBS notes a2 Milk Co's FY26 earnings were broadly in line with expectations and consensus, with revenue up 3.8% to NZ$1.98bn and normalised EBITDA up 3.8% to NZ$284m.

Infant formula sales rose 5%, liquid milk sales increased 17% and other nutritionals sales jumped 60%, while the EBITDA margin was steady at 14.4%.

FY27 guidance disappointed, with mid-single-digit revenue growth and a circa 15% EBITDA margin, leaving EBITDA around -7% to -9% below UBS and consensus forecasts.

Infant formula sales are expected to be broadly flat in FY27, compared with forecasts for 9% growth, while increased marketing and reduced operating leverage will weigh on margins.

Buy. Target NZ$9.20.

FORECAST
UBS forecasts a full year FY27 dividend of 17.84 cents and EPS of 26.34 cents.
UBS forecasts a full year FY28 dividend of 25.49 cents and EPS of 35.69 cents.

Ord Minnett

xx/xx/xxxx

1

xxx

-

xx.xx%

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Bell Potter

xx/xx/xxxx

3

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

17/08/2026

3

Neutral

-

-

Upon initial assessment, Jarden retains a Neutral rating for a2 Milk Co with a NZ$9.55 target price following in-line FY26 financial results.

Group revenue rose 12% to NZ$1.97bn, supported by 23% growth in English label infant milk formula offsetting a -14% contraction in China label sales.

Full-year EBITDA declined -3% to NZ$284m, while underlying EBITDA rose 5% to NZ$308m after excluding NZ$23m in Pokeno facility start-up losses.

The analyst notes fourth-quarter market share losses in China label formula were material, prompting cautious FY27 guidance forecasting mid-single digit revenue growth and an EBITDA margin of roughly 15%.

Estimates suggest resolved supply chain disruptions, new China label product launches, and Pokeno reaching EBITDA breakeven will serve as key operational recovery drivers.
Access Extra Coverage Research History >

A2M STOCK CHART

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Latest Dairy News

1
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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
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Jun 17 2025 - Small Caps
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Feb 18 2025 - Australia
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a2 Milk Starts Paying Dividends

Nov 27 2024 - Australia
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Mar 21 2024 - Technicals
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Feb 21 2024 - Australia
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