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

$6.53

08 Oct
2026

0.110

OPEN

$6.39

1.71%

HIGH

$6.57

1,719,381

LOW

$6.39

TARGET
$7.724 18.3% 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) 24.6 xxx
DPS (cps) 18.1 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 27.4 xxx
Dividend Yield 2.7% 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: 11.85%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 7.45

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

Citi

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Morgan Stanley

xx/xx/xxxx

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xx.xx%

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Ord Minnett

xx/xx/xxxx

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-

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Bell Potter

18/08/2026

3

Hold

$7.00

7.20%

Bell Potter maintains a Hold rating for a2 Milk Co with its target price increased to $7.00 from $6.90 following FY26 results aligning broadly with forecasts.

Group revenue expanded 4% to NZ$1.97bn, supporting a 4% increase in EBITDA to NZ$284.4m and a 2% uplift in underlying net profit after tax to NZ$207.5m.

The analyst notes management expects FY27 supply chain losses from the Pokeno facility to improve materially to breakeven, offsetting a guided near-term margin contraction in the first half.

The broker's estimates incorporate -2% and -1% reductions to FY27 and FY28 net profit forecasts respectively, reflecting softer near-term earnings expectations balanced against a stronger net cash position of NZ$760.2m.

Commentary suggests achieving current valuations relies heavily on recovering and expanding market share within China, with recent supply chain disruptions shifting growth timelines further into the future.

FORECAST
Bell Potter forecasts a full year FY27 dividend of 19.29 cents and EPS of 24.91 cents.
Bell Potter forecasts a full year FY28 dividend of 23.07 cents and EPS of 30.19 cents.

UBS

xx/xx/xxxx

1

xxx

-

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

09/10/2026

2

Upgrade to Overweight from Neutral

-

-

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 FY27 performance.

Jarden notes first-quarter operational tracking supports management plans to recover China label market share, though calibrating the precise monthly rebuild rate remains challenging.

Meeting current China label projections would likely require the September exit offtake rate to reach approximately 67%, up from a 40% average recorded in July.

The analyst highlights diminished tail risks from previous product recalls, reinforcing confidence in the company's ability to execute its turnaround strategy.

Jarden trims its valuation to reflect higher risk-free rate assumptions while retaining positive conviction on valuation grounds.
Access Extra Coverage Research History >

A2M STOCK CHART

FNArena News on A2M

1
Rudi’s View: Post-August Stock Picks & Best Buys

Sep 10 2026 - Rudi's View
2
Rudi’s View: August Delivers Soft Guidance, Higher Dividends

Aug 26 2026 - Rudi's View
3
Weekly Ratings, Targets, Forecast Changes – 21-08-26

Aug 24 2026 - Weekly Reports
4
Next Week At A Glance 24-28 Aug 2026

Aug 21 2026 - Weekly Reports
5
Australian Broker Call *Extra* Edition – Aug 17, 2026

Aug 17 2026 - Daily Market Reports

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