BEGA CHEESE LIMITED (BGA)
Share Price Analysis and Chart

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BGA

BGA - BEGA CHEESE LIMITED

FNArena Sector : Dairy
Year End: June
GICS Industry Group : Food, Beverage & Tobacco
Debt/EBITDA: 2.46
Index: ASX200 | ASX300 | ALL-ORDS

Bega Cheese is an Australian food company specialising in dairy products and spreads. Founded in 1899 as an agricultural cooperative, it became a listed company in 2011. Brought Vegemite back under local ownership.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$5.98

17 Sep
2026

0.040

OPEN

$6.00

0.67%

HIGH

$6.00

980,821

LOW

$5.94

TARGET
$6.925 15.8% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
A2M . BUB . NUC . NUC . SM1 . TFL .
FNARENA'S MARKET CONSENSUS FORECASTS
BGA: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 17.9 25.4 xxx
DPS (cps) xxx 14.5 16.9 xxx
EPS Growth xxx N/A 41.6% xxx
DPS Growth xxx 20.8% 16.8% xxx
PE Ratio xxx N/A 23.6 xxx
Dividend Yield xxx N/A 2.8% xxx
Div Pay Ratio(%) xxx 80.8% 66.7% xxx

Dividend yield today if purchased 3 years ago: 5.27%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 2.42

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: 25/08 - ex-div 7.50c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx17.9
DPS All xxxxxxxxxxxxxxx14.5
Sales/Revenue xxxxxxxxxxxxxxx3,774.6 M
Book Value Per Share xxxxxxxxxxxxxxx326.2
Net Operating Cash Flow xxxxxxxxxxxxxxx129.3 M
Net Profit Margin xxxxxxxxxxxxxxx1.45 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx5.54 %
Return on Invested Capital xxxxxxxxxxxxxxx3.85 %
Return on Assets xxxxxxxxxxxxxxx2.57 %
Return on Equity xxxxxxxxxxxxxxx5.54 %
Return on Total Capital xxxxxxxxxxxxxxx6.69 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-13.2 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 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx19 M
Long Term Debt xxxxxxxxxxxxxxx448 M
Total Debt xxxxxxxxxxxxxxx468 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx133 M
Price To Book Value xxxxxxxxxxxxxxx1.80

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx113.8 M
Capex % of Sales xxxxxxxxxxxxxxx3.01 %
Cost of Goods Sold xxxxxxxxxxxxxxx2,989 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx689 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

0.5

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

(xx/xx/xxxx)

xx.xx%

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UBS

26/08/2026

3

Neutral

$6.65

11.20%

Post another look, UBS upgrades the target price to $6.65 from $6.10 highlighting Bega remains an earnings improvement story. The analyst is more positive about overseas expansion, particularly in SE Asia where multiple tailwinds are identified.

Bulk earnings are expected to normalise and Branded earnings are forecast to grow 11% in FY27. Gross savings of $37m are also anticipated with the Strathmerton-to-Ridge consolidation.

EPS forecasts are lifted by 8% for FY28. Neutral rated.

First take: UBS maintains a Neutral rating for Bega Cheese with an unchanged price target of $6.10 following an FY26 financial result featuring revenue and underlying EBITDA at the top end of guidance.

Revenue reached $3,775m alongside an underlying EBITDA increase of 12% to $226m, while net debt closed at $152m representing a conservative 0.8x leverage.

Management guides FY27 normalised EBITDA to $240m-$245m and reaffirms medium-term growth targets, including >$250m for FY28 and >$310m for FY31.

The broker's estimates indicate continued operational momentum driven by footprint rationalisation and cost management initiatives such as warehouse automation.

FORECAST
UBS forecasts a full year FY27 dividend of 18.00 cents and EPS of 26.00 cents.
UBS forecasts a full year FY28 dividend of 22.00 cents and EPS of 31.00 cents.

Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

0

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
Access Extra Coverage Research History >

BGA STOCK CHART

FNArena News on BGA

1
Rudi’s View: Post-August Stock Picks & Best Buys

Sep 10 2026 - Rudi's View
2
Rudi’s View: Australia Remains Outside The AI Party

Sep 09 2026 - Rudi's View
3
Weekly Ratings, Targets, Forecast Changes – 21-08-26

Aug 24 2026 - Weekly Reports
4
FNArena Corporate Results Monitor – 20-08-2026

Aug 20 2026 - Australia
5
Rudi’s View: Small Cap Favourites, AI & More

Jul 16 2026 - Rudi's View

Latest Dairy News

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Healthy Margins Underpin Bega’s FY31 Targets

May 06 2026 - Small Caps
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Apr 15 2026 - Australia
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Mar 23 2026 - Australia
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Bega Cheese Preparing For Accelerated Growth

Sep 22 2025 - Small Caps
5
Growing Confidence in Bega Cheese

Jun 17 2025 - Small Caps
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Feb 18 2025 - Australia
7
a2 Milk Starts Paying Dividends

Nov 27 2024 - Australia
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Mar 21 2024 - Technicals
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Feb 21 2024 - Australia
10
Treasure Chest: Bega Cheese

Oct 18 2022 - Treasure Chest