SYNLAIT MILK LIMITED (SM1)
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SM1 - SYNLAIT MILK LIMITED

FNArena Sector : Dairy
Year End: July
GICS Industry Group : Food, Beverage & Tobacco
Debt/EBITDA: -42.46
Index:

LAST PRICE CHANGE +/- CHANGE % VOLUME

$0.37

22 Nov
2024

0.015

OPEN

$0.36

4.23%

HIGH

$0.37

40,911

LOW

$0.36

TARGET
$0.425 14.9% upside
OTHER COMPANIES IN THE SAME SECTOR
A2M . BFC . BGA . BUB . FSF . NUC . NUC . TFL .
FNARENA'S MARKET CONSENSUS FORECASTS
SM1: 1
Title FY25
Forecast		 FY26
Forecast
EPS (cps) - 1.8 xxx
DPS (cps) 0.0 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio N/A xxx
Dividend Yield 0.0% xxx
Div Pay Ratio(%) N/A 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: N/A

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 N/A

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 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx-76.9
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx1,511.2 M
Book Value Per Share xxxxxxxxxxxxxxx251.7
Net Operating Cash Flow xxxxxxxxxxxxxxx-94.2 M
Net Profit Margin xxxxxxxxxxxxxxx-11.13 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx-26.27 %
Return on Invested Capital xxxxxxxxxxxxxxx-19.77 %
Return on Assets xxxxxxxxxxxxxxx-11.13 %
Return on Equity xxxxxxxxxxxxxxx-26.27 %
Return on Total Capital xxxxxxxxxxxxxxx-6.34 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-120.5 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx342 M
Long Term Debt xxxxxxxxxxxxxxx217 M
Total Debt xxxxxxxxxxxxxxx559 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx9 M
Price To Book Value xxxxxxxxxxxxxxx0.10

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx28.5 M
Capex % of Sales xxxxxxxxxxxxxxx1.89 %
Cost of Goods Sold xxxxxxxxxxxxxxx1,476 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx108 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx2 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

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

UBS

xx/xx/xxxx

3

xxxxxxx

-

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Macquarie

01/10/2024

5

Underperform

-

-

Synlait Milk's FY24 reported loss was -$182m given further impairments, but the net debt outlook improved, notes Macquarie, partly due to an equity raise.

Margins will be diluted over FY25, explains the broker, as an additional milk payment to retain supply will not be recouped
from product pricing or customer contracts with pass-through.

The target falls to NZ37c from NZ45c. The broker's Underperform rating is kept given risks around the speed and shape of the recovery, milk retention, volume risks around a2 Milk Co ((A2M)), and limited valuation appeal.

FORECAST
Macquarie forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -1.56 cents.
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 3.86 cents.

Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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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

31/10/2024

3

Neutral

-

-

Following a period of restriction, Jarden introduces revised estimates for Synlait Milk, which include the recent FY24 results and additional equity support from existing key shareholders Bright (65.3%) and a2 Milk ((A2M)) (19.8%).

Key drivers for Jarden are lower North Island losses, modest ongoing growth from Dairyworks  and South Island improvement in Ingredients margin, growth in Foodservice and infant formula base powders.

The broker reduces its FY25 net debt forecast to NZ$231mn post recapitalisation and assuming further working capital improvement. Neutral with an NZ45c target.

FORECAST
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -4.69 cents.
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.64 cents.
Access Extra Coverage Research History >

SM1 STOCK CHART

FNArena News on SM1

1
In Case You Missed It – BC Extra Upgrades & Downgrades – 01-11-24

Nov 01 2024 - Weekly Reports
2
Australian Broker Call *Extra* Edition – Oct 31, 2024

Oct 31 2024 - Daily Market Reports
3
FNArena Corporate Results Monitor – 01-10-2024

Oct 01 2024 - Australia
4
Next Week At A Glance – 23-27 Sep 2024

Sep 20 2024 - Weekly Reports
5
Australian Broker Call *Extra* Edition – Aug 22, 2024

Aug 22 2024 - Daily Market Reports

Latest Dairy News

1
Buy Call For a2 Milk

Mar 21 2024 - Technicals
2
A2 Milking It

Feb 21 2024 - Australia
3
Treasure Chest: Bega Cheese

Oct 18 2022 - Treasure Chest
4
a2 Milk Pumps Up Growth Expectations

Oct 29 2021 - Australia
5
Bega Cheese: Melting Up?

Jun 01 2021 - Technicals
6
Synlait Milk Eyes Recovery, But Risks Remain

May 26 2021 - Australia
7
A2 Milk At A Crossroad In China?

Apr 22 2021 - Australia
8
Sales Slowdown Hits a2 Milk Guidance

Dec 21 2020 - Australia
9
Uncertainty Prevails For Synlait Milk

Sep 30 2020 - Small Caps
10
Daigou Drought Sours a2 Milk Outlook

Sep 29 2020 - Australia