A2 MILK COMPANY LIMITED (A2M)
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A2M

A2M - A2 MILK COMPANY LIMITED

FNArena Sector : Dairy
Year End: June
GICS Industry Group : Food, Beverage & Tobacco
Debt/EBITDA: 0.37
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

The a2 Milk Company is dual listed on both the NZX and ASX. It produces and sells A1 protein-free milk and related products like infant formula. It was first listed in 2015.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$9.37

02 Dec
2025

0.050

OPEN

$9.27

0.54%

HIGH

$9.49

1,055,290

LOW

$9.27

TARGET
$9.775 4.3% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
BGA . BUB . NUC . NUC . SM1 . TFL .
FNARENA'S MARKET CONSENSUS FORECASTS
A2M: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) 26.4 xxx
DPS (cps) 18.8 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 35.6 xxx
Dividend Yield 2.0% xxx
Div Pay Ratio(%) 71.0% 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: 2.76%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.86

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 © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx25.6
DPS All xxxxxxxxxxxxxxx18.2
Sales/Revenue xxxxxxxxxxxxxxx1,732.4 M
Book Value Per Share xxxxxxxxxxxxxxx185.8
Net Operating Cash Flow xxxxxxxxxxxxxxx183.8 M
Net Profit Margin xxxxxxxxxxxxxxx10.68 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx14.81 %
Return on Invested Capital xxxxxxxxxxxxxxx14.20 %
Return on Assets xxxxxxxxxxxxxxx10.94 %
Return on Equity xxxxxxxxxxxxxxx14.81 %
Return on Total Capital xxxxxxxxxxxxxxx17.38 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx124.3 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 xxxxxxxxxxxxxxx41 M
Long Term Debt xxxxxxxxxxxxxxx52 M
Total Debt xxxxxxxxxxxxxxx93 M
Goodwill - Gross xxxxxxxxxxxxxxx95 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx1,019 M
Price To Book Value xxxxxxxxxxxxxxx4.30

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx3.6 M
Capex % of Sales xxxxxxxxxxxxxxx0.21 %
Cost of Goods Sold xxxxxxxxxxxxxxx934 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx570 M
Research & Development xxxxxxxxxxxxxxx4 M
Investments - Total xxxxxxxxxxxxxxx108 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

7
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

2

xxxxxxxxx xx xxxxxxxxxx xxxx xxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

21/11/2025

1

Outperform

$9.50

1.39%

Macquarie highlights a2 Milk Co upgraded FY26 revenue growth guidance, which translates to up to 3pp increase vs market expectations. Upgrade was driven by IMF, other nutritionals, liquid milk, and a weaker NZD.

The company sees China IMF conditions stabilising, with supportive marriage trends and less supply-chain distribution. Vietnam is also growing strongly and remains a significant market.

The company reiterated plans for a NZ$300m special dividend pending Pokeno label amendments, and the broker sees potential for a larger capital return if approvals take longer.

FY26 EPS forecast lifted by 3.9% and FY27 by 6.2% on improved sales outlook and forex benefits.

Outperform retained. Target rises to $9.50 from $8.70 on earnings revisions, roll-forward and higher multiple (30x vs 28x).

FORECAST
Macquarie forecasts a full year FY26 dividend of 21.18 cents and EPS of 27.33 cents.
Macquarie forecasts a full year FY27 dividend of 61.63 cents and EPS of 31.77 cents.

UBS

xx/xx/xxxx

3

xxxxxxx

-

xx.xx%

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Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

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

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

20/11/2025

4

Underweight

-

-

Management at a2 Milk Co has raised FY26 revenue growth guidance to low double-digits from prior high single-digits, driven by stronger core trading and some FX benefit, explains Jarden.

Management expects 1H26 to outperform 2H26, with English-label IMF growth well ahead of China-label. Operating margin guidance remains 15-16%, while FX impacts net of hedging should be immaterial.

Regulatory approvals for Pokeno China Label (produced at the Pokeno manufacturing site in New Zealand) registrations remain the final step before a NZ$300m special dividend.

Jarden upgrades its EPS forecasts by circa 7%. The target rises to NZ$8.60 from NZ$7.85. Underweight maintained.

FORECAST
Jarden forecasts a full year FY26 dividend of 21.72 cents and EPS of 27.78 cents.
Jarden forecasts a full year FY27 dividend of 63.62 cents and EPS of 31.95 cents.
Access Extra Coverage Research History >

A2M STOCK CHART

FNArena News on A2M

1
Weekly Ratings, Targets, Forecast Changes – 28-11-25

Dec 01 2025 - Weekly Reports
2
Australian Broker Call *Extra* Edition – Nov 24, 2025

Nov 24 2025 - Daily Market Reports
3
Weekly Ratings, Targets, Forecast Changes – 31-10-25

Nov 03 2025 - Weekly Reports
4
In Case You Missed It – BC Extra Upgrades & Downgrades – 24-10-25

Oct 24 2025 - Weekly Reports
5
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