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

$9.57

28 Aug
2025

0.280

OPEN

$9.31

3.01%

HIGH

$9.78

5,642,700

LOW

$9.29

TARGET
$8.457 -11.6% downside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
BFC . BGA . BUB . NUC . NUC . SM1 . TFL .
FNARENA'S MARKET CONSENSUS FORECASTS
A2M: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) 26.5 xxx
DPS (cps) 20.0 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 36.2 xxx
Dividend Yield 2.1% xxx
Div Pay Ratio(%) 75.4% 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: N/A

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 N/A

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

0.6

No. Of Recommendations

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

Citi

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxxxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxxxxxx xx xxxx xxxx xxxx

$xx.xx

xx.xx%

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Macquarie

19/08/2025

1

Outperform

$8.70

-9.09%

a2 Milk Co saw accelerated revenue growth in the second half to 13.3% year on year, Macquarie notes, including record China formula share at 8.0%. Annualising second half sales suggests 5% FY26 year on year growth, making 7-9% guidance seem very deliverable in the broker's view.

a2's supply chain transactions de-risk the medium to long term growth strategy, market access and share, and offers fair incremental economics, Macquarie suggests.

While current multiples will lift with supply chain impacts, execution and momentum continues, the broker believes, and long term growth should also lift. Outperform retained, target rises to $8.70 from $8.30.

FORECAST
Macquarie forecasts a full year FY26 dividend of 20.54 cents and EPS of 26.57 cents.
Macquarie forecasts a full year FY27 dividend of 60.71 cents and EPS of 30.22 cents.

UBS

xx/xx/xxxx

1

xxx

-

xx.xx%

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Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

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

xx/xx/xxxx

3

xxxxxxxxx xx xxxxxxx xxxx xxxxxxxxxx

-

xx.xx%

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Wilsons

18/02/2025

3

Market Weight

$7.06

-26.23%

Following stronger-than-expected first half results, Wilsons raises its target for a2 Milk Co to $7.06 from $5.75, driven by higher revenue growth, increased interest income, and a shift in first-half marketing spend to the second half.

Revenue exceeded the analysts' forecast by 3% driven by stronger sales in China, Other Asia and the US, and profit was a 17% beat.

The broker highlights market share gains, new product launches, and continued strategic execution by management but maintains a Market Weight rating due to the supply chain transformation and challenges in the infant formula market.

FORECAST
Wilsons forecasts a full year FY26 dividend of 18.26 cents and EPS of 27.94 cents.
Access Extra Coverage Research History >

A2M STOCK CHART

FNArena News on A2M

1
Weekly Ratings, Targets, Forecast Changes – 22-08-25

Aug 25 2025 - Weekly Reports
2
Next Week At A Glance – 25-29 Aug 2025

Aug 22 2025 - Weekly Reports
3
In Case You Missed It – BC Extra Upgrades & Downgrades – 22-08-25

Aug 22 2025 - Weekly Reports
4
Australian Broker Call *Extra* Edition – Aug 20, 2025

Aug 20 2025 - Daily Market Reports
5
FNArena Corporate Results Monitor – 19-08-2025

Aug 19 2025 - Australia

Latest Dairy News

1
Growing Confidence in Bega Cheese

Jun 17 2025 - Small Caps
2
A2 Milks It

Feb 18 2025 - Australia
3
a2 Milk Starts Paying Dividends

Nov 27 2024 - Australia
4
Buy Call For a2 Milk

Mar 21 2024 - Technicals
5
A2 Milking It

Feb 21 2024 - Australia
6
Treasure Chest: Bega Cheese

Oct 18 2022 - Treasure Chest
7
a2 Milk Pumps Up Growth Expectations

Oct 29 2021 - Australia
8
Bega Cheese: Melting Up?

Jun 01 2021 - Technicals
9
Synlait Milk Eyes Recovery, But Risks Remain

May 26 2021 - Australia
10
A2 Milk At A Crossroad In China?

Apr 22 2021 - Australia