A2 MILK COMPANY LIMITED (A2M)
Share Price Analysis and Chart

Enter the company code or Name for stock analysis:

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

$6.56

03 Sep
2026

-0.230

OPEN

$6.70

-3.39%

HIGH

$6.80

2,029,430

LOW

$6.56

TARGET
$8.064 22.9% 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 FY27
Forecast		 FY28
Forecast
EPS (cps) 24.8 xxx
DPS (cps) 18.3 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 26.5 xxx
Dividend Yield 2.8% 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: 11.65%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 7.73

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

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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

Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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

UBS

xx/xx/xxxx

1

xxx

-

xx.xx%

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

Morgans

18/08/2026

2

Accumulate

$7.62

16.16%

a2 Milk Co's FY26 result is broadly in line with Morgans's expectations. FY27 guidance is materially weaker than expected though likely conservative, the analyst suggests.

Commentary notes China-label infant formula sales fell -14% due to supply and freight disruptions, while English-label infant formula and liquid milk delivered strong growth.

The broker expects a weak first half before double-digit profit growth resumes from 2H27, supported by new products, supply-chain improvements and geographic expansion.

Morgans lowers its FY27-FY29 earnings forecasts by -8.6%, -4.3% and -4.1%, respectively, but expects guidance could be upgraded. The target is lowered to $7.62 from $8.30. Accumulate rating retained.

FORECAST
Morgans forecasts a full year FY27 dividend of 18.63 cents and EPS of 25.40 cents.
Morgans forecasts a full year FY28 dividend of 22.86 cents and EPS of 31.33 cents.

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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

Ord Minnett

xx/xx/xxxx

1

xxx

-

xx.xx%

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

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
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

FNArena News on A2M

1
Rudi’s View: August Delivers Soft Guidance, Higher Dividends

Aug 26 2026 - Rudi's View
2
Weekly Ratings, Targets, Forecast Changes – 21-08-26

Aug 24 2026 - Weekly Reports
3
Next Week At A Glance 24-28 Aug 2026

Aug 21 2026 - Weekly Reports
4
Australian Broker Call *Extra* Edition – Aug 17, 2026

Aug 17 2026 - Daily Market Reports
5
FNArena Corporate Results Monitor – 17-08-2026

Aug 17 2026 - Australia

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