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

$7.03

09 Jul
2026

-0.190

OPEN

$7.19

-2.63%

HIGH

$7.32

1,905,255

LOW

$7.03

TARGET
$7.94 12.9% 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) 24.3 xxx
DPS (cps) 44.3 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 29.0 xxx
Dividend Yield 6.3% xxx
Div Pay Ratio(%) 182.3% 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: 3.37%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 2.36

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

0.6

No. Of Recommendations

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

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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Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

08/07/2026

1

Overweight

$9.00

28.02%

a2 Milk Co has indicated supply issues which were affecting China label products over the 4Q26 have now been fixed.

Management stated "product flows to distributors and retailers have materially improved across China label and English label products with stock levels returning to target levels".

The analyst reckons this removes some of the concern around product availability overhang in FY27 and the company can now focus on user recruitment to onboard customers back to the brand.

a2 Milk Co is due to report FY26 results on August 17. Overweight rating and $9.00 target retained. Industry View: Cautious.

FORECAST
Morgan Stanley forecasts a full year FY26 EPS of 23.88 cents.
Morgan Stanley forecasts a full year FY27 EPS of 28.86 cents.

Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxxxxx

-

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

09/07/2026

3

Neutral

-

-

Jarden maintains a Neutral rating for a2 Milk Co with its target price increased to NZ$9.55 from NZ$7.36 following an updated corporate supply chain and trading update.

Group operating revenue reached NZ$1.97bn with an EBITDA margin landing at the upper end of guidance at 14% to 14.5%, alongside a stronger-than-projected cash conversion rate of 70%.

The analyst notes China label infant milk formula sales decreased 14% on the prior corresponding period due to temporary customs and freight backlogs, whereas English label alternatives performed strongly.

In-market product delivery flows have now substantially improved with distributor inventory levels successfully returning to target baselines.

Commentary points out rebuilding regional sales momentum through targeted new user recruitment initiatives remains the core near-term focus before execution shifts to own manufacture at Pokeno.

FORECAST
Jarden forecasts a full year FY26 dividend of 18.90 cents and EPS of 24.39 cents.
Jarden forecasts a full year FY27 dividend of 57.81 cents and EPS of 26.97 cents.
Access Extra Coverage Research History >

A2M STOCK CHART

FNArena News on A2M

1
Australian Broker Call *Extra* Edition – Jul 09, 2026

Jul 09 2026 - Daily Market Reports
2
Australian Broker Call *Extra* Edition – Jul 08, 2026

Jul 08 2026 - Daily Market Reports
3
FY26 In Review: Up Thanks To Miners & Dividends

Jul 07 2026 - Australia
4
Weekly Ratings, Targets, Forecast Changes – 26-06-26

Jun 29 2026 - Weekly Reports
5
Next Week At A Glance – 29 June-3 Jul 2026

Jun 26 2026 - Weekly 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