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: 0.37
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

$9.10

24 Oct
2025

-0.130

OPEN

$9.23

-1.41%

HIGH

$9.26

707,042

LOW

$9.10

TARGET
$8.748 -3.9% downside
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) 26.2 xxx
DPS (cps) 19.6 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 34.7 xxx
Dividend Yield 2.1% xxx
Div Pay Ratio(%) 74.5% 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: 3.34%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.94

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
HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 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

0.4

No. Of Recommendations

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

Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxxxx xx xxxxxxx xxxx xxx

-

xx.xx%

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Morgan Stanley

19/08/2025

3

Equal-weight

$7.50

-17.58%

Morgan Stanley assesses a2 Milk Co's FY25 result as solid but reckons the attention was more on the supply chain acquisition -- Yashili's Pokeno facility.

FY25 revenue was 1% ahead of expectations on outperformance in the Chinese infant milk formula (IMF) market, and the English-label formula growing well above the market. 

The Yashili acquisition could be transformative, the broker reckons, but sees high execution risk as the company has limited IMF manufacturing track record. The broker estimates it could generate NZ$24m EBITDA in FY28.

FY26 revenue forecast upgraded by 3.8% and FY27 by 4.2% following FY25 result. The acquisition and MVM divestment have not been factored into the forecasts.

Target rises to $7.50 from $6.60. Equal-weight. Industry View: In-Line.

FORECAST
Morgan Stanley forecasts a full year FY26 dividend of 21.81 cents and EPS of 28.17 cents.
Morgan Stanley forecasts a full year FY27 dividend of 23.63 cents and EPS of 30.90 cents.

Ord Minnett

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxxxxxx xx xxxx xxxx xxxx

$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

20/10/2025

4

Downgrade to Underweight from Neutral

-

-

Over FY22-25, Jarden points out a2 Milk Co has delivered a strong turnaround despite structural decline in the China infant milk formula (IMF) market.

The broker revises its earnings forecasts by 2% for FY26, -1% for FY27, and 4% for FY28, reflecting updated assumptions for the new product pipeline and supply chain transformation. 

Jarden attributes 77% of its valuation to existing products and supply chain improvements, with NZ$1.85 per share reflecting future innovation.

The broker lifts its target to NZ$7.85 from NZ$7.80 and downgrades to Underweight from Neutral, viewing current valuation as fully pricing in foreseeable growth.

FORECAST
Jarden forecasts a full year FY26 dividend of 19.45 cents and EPS of 25.72 cents.
Jarden forecasts a full year FY27 dividend of 23.90 cents and EPS of 29.72 cents.
Access Extra Coverage Research History >

A2M STOCK CHART

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