SYNLAIT MILK LIMITED (SM1)
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SM1

SM1 - SYNLAIT MILK LIMITED

FNArena Sector : Dairy
Year End: July
GICS Industry Group : Food, Beverage & Tobacco
Debt/EBITDA: 10.51
Index:

LAST PRICE CHANGE +/- CHANGE % VOLUME

$0.34

11 Jun
2026

-0.010

OPEN

$0.35

-2.86%

HIGH

$0.35

99,735

LOW

$0.34

TARGET
$0.385 13.2% upside
OTHER COMPANIES IN THE SAME SECTOR
A2M . BGA . BUB . NUC . NUC . TFL .
FNARENA'S MARKET CONSENSUS FORECASTS
SM1: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) - 7.5 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: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

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 © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx-6.8
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx1,669.0 M
Book Value Per Share xxxxxxxxxxxxxxx119.9
Net Operating Cash Flow xxxxxxxxxxxxxxx107.3 M
Net Profit Margin xxxxxxxxxxxxxxx-2.18 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx-5.71 %
Return on Invested Capital xxxxxxxxxxxxxxx-4.74 %
Return on Assets xxxxxxxxxxxxxxx-2.45 %
Return on Equity xxxxxxxxxxxxxxx-5.71 %
Return on Total Capital xxxxxxxxxxxxxxx-1.70 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx86.3 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 xxxxxxxxxxxxxxx307 M
Long Term Debt xxxxxxxxxxxxxxx45 M
Total Debt xxxxxxxxxxxxxxx352 M
Goodwill - Gross xxxxxxxxxxxxxxx53 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx72 M
Price To Book Value xxxxxxxxxxxxxxx0.46

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx21.6 M
Capex % of Sales xxxxxxxxxxxxxxx1.29 %
Cost of Goods Sold xxxxxxxxxxxxxxx1,573 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx115 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx4 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

-0.7

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Macquarie

24/03/2026

5

Underperform

-

-

Synlait Milk's 1H26 result (july year end) remained weak, notes Macquarie, with underlying earnings (EBITDA) of NZ$4m and loss of -NZ$27m amid ongoing inventory rebuild challenges.

Recovery is expected to take time, as manufacturing execution must improve to restore margins and profitability.

The broker highlights surplus milk processing and inefficiencies drove a sharp gross profit decline, while Consumer delivered strong growth and remains a key positive.

Turnaround prospects include scaling higher-margin products, though Macquarie notes valuation remains demanding given execution risks and rising debt.

Underperform retained, target falls to NZ46c from NZ48c.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -4.33 cents.
Macquarie forecasts a full year FY27 dividend of 2.51 cents and EPS of 2.60 cents.

UBS

xx/xx/xxxx

5

xxxx

-

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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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

25/03/2026

4

Underweight

-

-

Synlait Milk delivered a weak operating performance in the first half, the culmination of a series of inventory manufacturing challenges, Jarden observes.

The loss was driven by higher costs for manufacturing plant adjustments and lower ingredients returns.

Jarden reiterates an Underweight rating, finding it difficult to forecast earnings given the volatility in the business, and ahead of a strategy re-set.

The main risks include management execution, demand from a2 Milk ((A2M)) and the NZ dollar and commodity price volatility. Target is steady at NZ$0.45.

FORECAST
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -8.76 cents.
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 1.73 cents.
Access Extra Coverage Research History >

SM1 STOCK CHART

FNArena News on SM1

1
Australian Broker Call *Extra* Edition – Apr 30, 2026

Apr 30 2026 - Daily Market Reports
2
a2 Milk Hit By ‘Perfect Logistics Storm’

Apr 15 2026 - Australia
3
FNArena Corporate Results Monitor – 03-04-2026

Apr 03 2026 - Australia
4
Australian Broker Call *Extra* Edition – Mar 25, 2026

Mar 25 2026 - Daily Market Reports
5
FNArena Corporate Results Monitor – 25-03-2026

Mar 25 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
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Mar 23 2026 - Australia
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Feb 18 2025 - Australia
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a2 Milk Starts Paying Dividends

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8
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Oct 18 2022 - Treasure Chest