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

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A2M - A2 MILK COMPANY LIMITED

FNArena Sector : Dairy
Year End: June
GICS Industry Group : Food, Beverage & Tobacco
Debt/EBITDA: 0.45
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

$5.77

28 Feb
2024

-0.100

OPEN

$5.86

-1.70%

HIGH

$5.87

1,361,238

LOW

$5.76

TARGET
$6.08 5.4% upside
Franking for last dividend paid out: 0%
OTHER COMPANIES IN THE SAME SECTOR
BFC . BGA . BUB . FSF . NUC . NUC . SM1 . TFL .
FNARENA'S MARKET CONSENSUS FORECASTS
A2M: 1
Title FY24
Forecast
FY25
Forecast
EPS (cps) 21.8 xxx
DPS (cps) 0.9 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 26.6 xxx
Dividend Yield 0.2% xxx
Div Pay Ratio(%) 4.2% 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: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

0.00

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 © 2024 FactSet UK Limited. All rights reserved
Title 201820192020202120222023
EPS Basic xxxxxxxxxxxxxxx19.4
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx1,455.9 M
Book Value Per Share xxxxxxxxxxxxxxx146.5
Net Operating Cash Flow xxxxxxxxxxxxxxx101.8 M
Net Profit Margin xxxxxxxxxxxxxxx9.78 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201820192020202120222023
Return on Capital Employed xxxxxxxxxxxxxxx13.42 %
Return on Invested Capital xxxxxxxxxxxxxxx12.55 %
Return on Assets xxxxxxxxxxxxxxx9.39 %
Return on Equity xxxxxxxxxxxxxxx13.42 %
Return on Total Capital xxxxxxxxxxxxxxx16.33 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx92.6 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 201820192020202120222023
Short-Term Debt xxxxxxxxxxxxxxx18 M
Long Term Debt xxxxxxxxxxxxxxx76 M
Total Debt xxxxxxxxxxxxxxx93 M
Goodwill - Gross xxxxxxxxxxxxxxx94 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx738 M
Price To Book Value xxxxxxxxxxxxxxx3.36

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201820192020202120222023
Capex xxxxxxxxxxxxxxx9.5 M
Capex % of Sales xxxxxxxxxxxxxxx0.65 %
Cost of Goods Sold xxxxxxxxxxxxxxx780 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx485 M
Research & Development xxxxxxxxxxxxxxx6 M
Investments - Total xxxxxxxxxxxxxxx83 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

0.3

No. Of Recommendations

6
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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Morgans

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Citi

20/02/2024

3

Downgrade to Neutral from Buy

$5.75

-0.35%

Citi considers a2 Milk Co to be doing a commendable job executing in a challenging market.

The broker expects the medium to long-term outlook to remain challenging, primarily a result of birth rate pressures that have seen the company push out medium-term revenue targets.

This, coupled with recent strong share price performance, underpins a lowered rating on the stock from Citi. 

More positively, new English label product development could drive market share gains, and the supply chain partnership with Yashili could see broader collaboration down the track.

The rating is downgraded to Neutral from Buy and the target price increases to $5.75 from $4.81.

FORECAST
Citi forecasts a full year FY24 dividend of 0.00 cents and EPS of 22.52 cents.
Citi forecasts a full year FY25 dividend of 0.00 cents and EPS of 26.14 cents.

UBS

xx/xx/xxxx

1

xxx

-

xx.xx%

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Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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A2M STOCK CHART