BEGA CHEESE LIMITED (BGA)
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BGA

BGA - BEGA CHEESE LIMITED

FNArena Sector : Dairy
Year End: June
GICS Industry Group : Food, Beverage & Tobacco
Debt/EBITDA: 3.26
Index: ASX200 | ASX300 | ALL-ORDS

Bega Cheese is an Australian food company specialising in dairy products and spreads. Founded in 1899 as an agricultural cooperative, it became a listed company in 2011. Brought Vegemite back under local ownership.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$6.11

20 Feb
2025

0.140

OPEN

$6.21

2.35%

HIGH

$6.30

1,593,087

LOW

$5.72

TARGET
$6.063

+0.15 change from previous day

 -0.8% downside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
A2M . BFC . BUB . FSF . NUC . NUC . SM1 . TFL .
FNARENA'S MARKET CONSENSUS FORECASTS
BGA: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 10.0 17.7 xxx
DPS (cps) xxx 8.0 11.6 xxx
EPS Growth xxx N/A 76.9% xxx
DPS Growth xxx 6.7% 45.3% xxx
PE Ratio xxx N/A 31.0 xxx
Dividend Yield xxx N/A 2.1% xxx
Div Pay Ratio(%) xxx 79.8% 65.6% xxx

Dividend yield today if purchased 3 years ago: 1.49%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.46

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: 03/09 - ex-div 4c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx10.0
DPS All xxxxxxxxxxxxxxx8.0
Sales/Revenue xxxxxxxxxxxxxxx3,521.6 M
Book Value Per Share xxxxxxxxxxxxxxx333.0
Net Operating Cash Flow xxxxxxxxxxxxxxx134.3 M
Net Profit Margin xxxxxxxxxxxxxxx0.87 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx3.02 %
Return on Invested Capital xxxxxxxxxxxxxxx2.13 %
Return on Assets xxxxxxxxxxxxxxx1.42 %
Return on Equity xxxxxxxxxxxxxxx3.02 %
Return on Total Capital xxxxxxxxxxxxxxx2.78 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx51.9 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx24 M
Long Term Debt xxxxxxxxxxxxxxx395 M
Total Debt xxxxxxxxxxxxxxx419 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx66 M
Price To Book Value xxxxxxxxxxxxxxx1.28

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx74.6 M
Capex % of Sales xxxxxxxxxxxxxxx2.12 %
Cost of Goods Sold xxxxxxxxxxxxxxx2,823 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx658 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 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

4
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

21/02/2025

3

Hold

$5.20

-14.89%

Ord Minnett notes Bega reported a much-improved 1H25 result with net profit of $35.9m, well above its $24.2m forecast. The key driver was earnings from the Bulk division, which moved to a $24.4m profit from a loss of -$5.6m in 1H24.

The broker believes 2H looks a little more challenging, with the branded business impacted by pricing pressure and its bulk segment facing headwind from somewhat easing in global commodity prices.

The broker's earnings forecasts are largely intact but target price rises to $5.2 from $4.4. Hold maintained.

. seeing global commodity prices easing somewhat; 4
forecast of $24.2m and consensus expectations (

observes a strong performance from Bega Cheese's Branded business helped offset losses from Bulk, delivering FY24 results which were broadly in line.

Management is looking for mid-single digit growth in Branded over FY25 with an expectation Bulk will return to profits as dairy price pressures ease.

Ord Minnett upgrades EPS forecasts by 6% in FY25 and 2.4% in FY26.

Target price lifts to $4.40 from $3.70. Hold rating unchanged.

FORECAST
Ord Minnett forecasts a full year FY25 dividend of 10.50 cents and EPS of 17.40 cents.
Ord Minnett forecasts a full year FY26 dividend of 13.50 cents and EPS of 22.70 cents.

Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

0

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
Access Extra Coverage Research History >

BGA STOCK CHART

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