INGHAMS GROUP LIMITED (ING)
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ING

ING - INGHAMS GROUP LIMITED

FNArena Sector : Food, Beverages & Tobacco
Year End: June
GICS Industry Group : Food, Beverage & Tobacco
Debt/EBITDA: 3.98
Index: ASX300 | ALL-ORDS

Inghams is Australia's number one provider of poultry food products as well as a producer of stockfeed. Founded in 1918 the family business was aquired by TPG Capital in 2014 and floated on the ASX in 2016.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$2.06

03 Mar
2026

-0.020

OPEN

$2.08

-0.96%

HIGH

$2.08

1,925,493

LOW

$2.04

TARGET
$2.563 24.4% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
AMC . AVG . CKF . COL . DMP . EDV . GYG . LRK . MBH . MTS . RFG . SGLLV . SPG . TWE . WOA . WOW . YOW .
FNARENA'S MARKET CONSENSUS FORECASTS
ING: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 24.2 16.1 xxx
DPS (cps) xxx 19.0 9.9 xxx
EPS Growth xxx - 11.5% - 33.6% xxx
DPS Growth xxx - 5.0% - 47.9% xxx
PE Ratio xxx N/A 12.5 xxx
Dividend Yield xxx N/A 4.9% xxx
Div Pay Ratio(%) xxx 78.6% 61.7% xxx

Dividend yield today if purchased 3 years ago: 5.90%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 9.45

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: 17/09 - ex-div 8.00c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx24.2
DPS All xxxxxxxxxxxxxxx19.0
Sales/Revenue xxxxxxxxxxxxxxx3,152.4 M
Book Value Per Share xxxxxxxxxxxxxxx74.5
Net Operating Cash Flow xxxxxxxxxxxxxxx274.3 M
Net Profit Margin xxxxxxxxxxxxxxx2.85 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx36.17 %
Return on Invested Capital xxxxxxxxxxxxxxx5.44 %
Return on Assets xxxxxxxxxxxxxxx3.77 %
Return on Equity xxxxxxxxxxxxxxx36.17 %
Return on Total Capital xxxxxxxxxxxxxxx11.04 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx99.6 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx198 M
Long Term Debt xxxxxxxxxxxxxxx1,357 M
Total Debt xxxxxxxxxxxxxxx1,555 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx106 M
Price To Book Value xxxxxxxxxxxxxxx4.76

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx104.1 M
Capex % of Sales xxxxxxxxxxxxxxx3.30 %
Cost of Goods Sold xxxxxxxxxxxxxxx2,571 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx373 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx3 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

1

xxxxxxx xx xxx xxxx xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

5

xxxxxxxxxxxx

$xx.xx

xx.xx%

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Bell Potter

23/02/2026

1

Buy

$2.75

33.50%

According to Bell Potter, Inghams' 1H26 earnings (EBITDAL) of $80.6m was broadly in line with revenue flat y/y and underlying earnings (EBITDA) of $143.7m, down -34% y/y.

Earnings per kg fell -35% and volumes slipped by -1% y/y with pricing up 1%, as costs increased by around $32m reflecting mix transition, distribution changes and onboarding following the loss of Woolworth Group's ((WOW)) volumes.

Management's FY26 earnings guidance has been downgraded to $180-200m from $215-230m previously, reflecting delayed earnings benefits from capital deployment and softer NZ performance.

Bell Potter lowers earnings forecasts by -9% for FY26 and -3% for FY27. The analyst flags a recovery in 2H26 earnings and the share price, retaining a Buy rating and $2.75 target.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 7.00 cents and EPS of 16.40 cents.
Bell Potter forecasts a full year FY27 dividend of 13.00 cents and EPS of 25.00 cents.

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
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

03/03/2026

3

Neutral

$2.50

21.36%

According to Jarden, Inghams Group's 1H26 result was a miss with revenue in line but higher costs from excess inventory and onboarding new contracts driving a downgrade to FY26 guidance, now EBITDA pre-AASB16 of $180–200m.

Australian costs rose 5–6% yoy across labour, ingredients and supply chain, while NZ EBITDA missed by -13% on weaker volumes, partly offset by QSR volume growth of 7.6% and improving pricing.

Inventory clearance of $19m weighed on 1H margins but is expected to normalise into 3Q.

FY26–28 EPS forecasts are cut materially. Neutral retained, with the target price reduced to $2.50 from $2.80.

FORECAST
Jarden forecasts a full year FY26 dividend of 8.50 cents and EPS of 12.10 cents.
Jarden forecasts a full year FY27 dividend of 12.70 cents and EPS of 18.00 cents.
Access Extra Coverage Research History >

ING STOCK CHART

FNArena News on ING

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Rudi’s View: A Season Of Large Cap Winners

10:00 AM - Rudi's View
2
Australian Broker Call *Extra* Edition – Mar 03, 2026

Mar 03 2026 - Daily Market Reports
3
Weekly Ratings, Targets, Forecast Changes – 27-02-26

Mar 02 2026 - Weekly Reports
4
Rudi’s View: Positives From February Results

Feb 26 2026 - Rudi's View
5
FNArena Corporate Results Monitor – 23-02-2026

Feb 23 2026 - Australia

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