SYNLAIT MILK LIMITED (SM1)
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SM1

SM1 - SYNLAIT MILK LIMITED

FNArena Sector : Dairy
Year End: July
GICS Industry Group : Food, Beverage & Tobacco
Debt/EBITDA: 10.51
Index:

LAST PRICE CHANGE +/- CHANGE % VOLUME

$0.66

27 Oct
2025

-0.010

OPEN

$0.66

-1.49%

HIGH

$0.66

14,925

LOW

$0.66

TARGET
$0.72 9.1% upside
OTHER COMPANIES IN THE SAME SECTOR
A2M . BGA . BUB . NUC . NUC . TFL .
FNARENA'S MARKET CONSENSUS FORECASTS
SM1: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) 2.0 xxx
DPS (cps) 0.0 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 32.4 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

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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 xxxxxxxxxxxxxxx-6.8
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx1,669.0 M
Book Value Per Share xxxxxxxxxxxxxxx119.9
Net Operating Cash Flow xxxxxxxxxxxxxxx107.3 M
Net Profit Margin xxxxxxxxxxxxxxx-2.18 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx-5.71 %
Return on Invested Capital xxxxxxxxxxxxxxx-4.74 %
Return on Assets xxxxxxxxxxxxxxx-2.45 %
Return on Equity xxxxxxxxxxxxxxx-5.71 %
Return on Total Capital xxxxxxxxxxxxxxx-1.70 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx86.4 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 xxxxxxxxxxxxxxx307 M
Long Term Debt xxxxxxxxxxxxxxx45 M
Total Debt xxxxxxxxxxxxxxx352 M
Goodwill - Gross xxxxxxxxxxxxxxx53 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx72 M
Price To Book Value xxxxxxxxxxxxxxx0.46

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx21.6 M
Capex % of Sales xxxxxxxxxxxxxxx1.29 %
Cost of Goods Sold xxxxxxxxxxxxxxx1,573 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx115 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx4 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

-0.7

No. Of Recommendations

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

Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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

07/10/2025

5

Sell

-

-

Synlait Milk’s sale of its North Island assets strengthens the balance sheet and provides an earnings base for FY27, though UBS notes lower ingredient margins have reduced profit expectations.

The broker points to modest FY28 earnings growth as ingredient margins recover but infant formula (IF) volumes fall, given a2 Milk Co's ((A2M)) internalisation of English-label production.

As expected by the analyst, Synlait (July year-end) reported FY25 earnings (EBIT) of NZ$50m, with weaker ingredient and IF margins offset by lower overheads and gains from milk trading.

The NZ$307m North Island sale to US-based Abbott Laboratories is expected to remove short-term losses and is viewed as value-accretive.

UBS raises its target price to NZ79c from NZ58c and retains a Sell rating.

FORECAST
UBS forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.91 cents.
UBS forecasts a full year FY27 dividend of 2.73 cents and EPS of 5.45 cents.

Macquarie

xx/xx/xxxx

5

xxxxxxxxxxxx

-

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

06/10/2025

4

Underweight

-

-

Synlait Milk reported underlying FY25 earnings (EBITDA)  of NZ$107m, above Jarden’s NZ$98m estimate, on strong lactoferrin sales and a solid Dairyworks contribution.

The business reported a net loss of -NZ$40m and net debt of NZ$251m, with an additional receivable assignment inflating the variance, explains the broker.

The broker highlights the agreed US$178m sale of North Island assets to US-based Abbott Laboratories, with Chinese dairy company Bright Dairy & Food Co signalling shareholder support, though completion awaits regulatory approval.

Proceeds are expected to repay debt and refocus operations in the Canterbury region of New Zealand’s South Island, explain the analysts, ahead of a2 Milk Co ((ATM)) English Label volume losses in FY27.

Jarden reduces its target price to NZ60c from NZ64c and retains an Underweight rating.

FORECAST
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.18 cents.
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -3.45 cents.
Access Extra Coverage Research History >

SM1 STOCK CHART

FNArena News on SM1

1
Australian Broker Call *Extra* Edition – Oct 06, 2025

Oct 06 2025 - Daily Market Reports
2
FNArena Corporate Results Monitor – 03-10-2025

Oct 03 2025 - Australia
3
Australian Broker Call *Extra* Edition – Aug 04, 2025

Aug 04 2025 - Daily Market Reports
4
FNArena Corporate Results Monitor – 28-03-2025

Mar 28 2025 - Australia
5
In Case You Missed It – BC Extra Upgrades & Downgrades – 28-03-25

Mar 28 2025 - Weekly Reports

Latest Dairy News

1
Bega Cheese Preparing For Accelerated Growth

Sep 22 2025 - Small Caps
2
Growing Confidence in Bega Cheese

Jun 17 2025 - Small Caps
3
A2 Milks It

Feb 18 2025 - Australia
4
a2 Milk Starts Paying Dividends

Nov 27 2024 - Australia
5
Buy Call For a2 Milk

Mar 21 2024 - Technicals
6
A2 Milking It

Feb 21 2024 - Australia
7
Treasure Chest: Bega Cheese

Oct 18 2022 - Treasure Chest
8
a2 Milk Pumps Up Growth Expectations

Oct 29 2021 - Australia
9
Bega Cheese: Melting Up?

Jun 01 2021 - Technicals
10
Synlait Milk Eyes Recovery, But Risks Remain

May 26 2021 - Australia