INGHAMS GROUP LIMITED (ING)
Share Price Analysis and Chart

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

24/08/2026

3

Hold

$2.10

1.45%

Bell Potter maintains its Hold recommendation for Inghams Group with an unchanged target price of $2.10 following an FY26 financial result broadly in line with expectations and guidance.

Revenue of $3,227.4m remained flat year-on-year, while underlying pre-AASB 16 EBITDAL declined -35% to $186.4m, meeting guidance of $180m to $200m.

Underlying net profit after tax post-leases (NPATL) was down -60% to $56.6m, and a final dividend of 10.1c was declared.

For FY27, management has established EBITDAL guidance of $190m to $220m, reflecting volume growth assumptions of 2.5%-4.0%, general cost inflation of 4%-5% excluding feed, and $40m to $50m in year-on-year feed cost growth.

The analyst highlights that recent downward corrections in wholesale channel pricing amid higher industry volume growth and inflated feed costs drove the softer guidance range, while private equity interest continues to provide a floor under the share price.

FORECAST
Bell Potter forecasts a full year FY27 dividend of 12.00 cents and EPS of 22.20 cents.
Bell Potter forecasts a full year FY28 dividend of 16.00 cents and EPS of 0.00 cents.

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

25/08/2026

3

Downgrade to Neutral from Overweight

$2.50

20.77%

Jarden lowers its recommendation for Inghams Group to Neutral from Overweight and reduces its target price to $2.50 from $2.70 following FY26 earnings which came in in line with expectations alongside a softer outlook.

The company has experienced higher costs and increased competition, which will add a cost impost of -$110m to FY27 and drive a greater second-half skew, increasing risk if competitor pricing pressure intensifies.

The broker comments that while management is performing well in managing controllable costs and securing new contracts to replace lost volume, the business requires a stronger competitive advantage to drive better margin outcomes.

Recent small mergers and acquisitions are viewed positively, though further strategic moves or innovations are needed to boost pricing power, the report concludes.