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

$0.365

13 Dec
2024

0.005

OPEN

$0.36

1.39%

HIGH

$0.37

20,926

LOW

$0.36

TARGET
$0.425 16.4% 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%

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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 3.85 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 -4.68 cents.
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.64 cents.

SM1 STOCK CHART