BEGA CHEESE LIMITED (BGA)
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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

$6.13

27 Aug
2026

-0.070

OPEN

$6.25

-1.13%

HIGH

$6.25

824,186

LOW

$6.11

TARGET
$6.875 12.2% 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 25.5 xxx
DPS (cps) xxx 14.5 16.9 xxx
EPS Growth xxx N/A 41.9% xxx
DPS Growth xxx 20.8% 16.8% xxx
PE Ratio xxx N/A 24.0 xxx
Dividend Yield xxx N/A 2.8% xxx
Div Pay Ratio(%) xxx 80.8% 66.5% xxx

Dividend yield today if purchased 3 years ago: 4.82%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 2.37

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

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Bell Potter

21/08/2026

1

Buy

$8.05

31.32%

Bega Cheese's FY26 underlying EBITDA of $225.6m was up 12% and in line with expectations and guidance, while underlying NPAT rose 36%.

The analyst points to 13% growth in branded categories, market share gains in grocery, higher milk supply and a 38% increase in Bulk EBITDA as key positives.

FY27 EBITDA guidance of $240m-$245m brackets consensus but is below the broker's prior $249m forecast, with growth largely dependent on $38m of cost reductions already implemented.

FY27-FY28 NPAT forecasts are broadly unchanged, while the broker retains its Buy rating and raises the target to $8.05 from $7.75 due to lower net debt.

FORECAST
Bell Potter forecasts a full year FY27 dividend of 16.00 cents and EPS of 25.30 cents.
Bell Potter forecasts a full year FY28 dividend of 19.00 cents and EPS of 27.80 cents.

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%

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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
Weekly Ratings, Targets, Forecast Changes – 21-08-26

Aug 24 2026 - Weekly Reports
2
FNArena Corporate Results Monitor – 20-08-2026

Aug 20 2026 - Australia
3
Rudi’s View: Small Cap Favourites, AI & More

Jul 16 2026 - Rudi's View
4
ESG Focus: War Accelerates Energy Transition

Jul 15 2026 - ESG Focus
5
Supermarkets Behemoths Remain In Focus

Jul 15 2026 - Australia

Latest Dairy News

1
Healthy Margins Underpin Bega’s FY31 Targets

May 06 2026 - Small Caps
2
a2 Milk Hit By ‘Perfect Logistics Storm’

Apr 15 2026 - Australia
3
a2 Milk Confidently Targets More Gains In China

Mar 23 2026 - Australia
4
Bega Cheese Preparing For Accelerated Growth

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

Jun 17 2025 - Small Caps
6
A2 Milks It

Feb 18 2025 - Australia
7
a2 Milk Starts Paying Dividends

Nov 27 2024 - Australia
8
Buy Call For a2 Milk

Mar 21 2024 - Technicals
9
A2 Milking It

Feb 21 2024 - Australia
10
Treasure Chest: Bega Cheese

Oct 18 2022 - Treasure Chest