BEGA CHEESE LIMITED (BGA)
Share Price Analysis and Chart

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BGA - BEGA CHEESE LIMITED

FNArena Sector : Dairy
Year End: June
GICS Industry Group : Food, Beverage & Tobacco
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

$5.35

22 Jan
2021

0.020

OPEN

$5.34

0.38%

HIGH

$5.39

674,788

LOW

$5.26

TARGET
$5.90 10.3% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
A2M . MGC . FSF . SM1 . NUC . BUB . BFC . TFL .
MARKET CONSENSUS FORECAST
BGA: 1
Title FY19
Actual
FY20
Actual
FY21
Forecast
FY22
Forecast
EPS (cps) xxx 9.9 17.4 xxx
DPS (cps) xxx 10.0 12.5 xxx
EPS Growth xxx 100.0% 75.8% xxx
DPS Growth xxx - 9.1% 25.0% xxx
PE Ratio xxx N/A 30.7 xxx
Dividend Yield xxx N/A 2.3% xxx
Div Pay Ratio(%) xxx 101.0% 71.8% xxx

Dividend yield today if purchased 3 years ago: 1.41%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

1.87

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: 07/09 - 5c (100%)

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

2
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxx

$xx.xx

xx.xx%

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UBS

27/11/2020

1

Buy

$5.70

6.54%

Bega Cheese has entered into a binding Share Sale and Purchase Agreement to acquire Lion Dairy & Drinks (LD&D) for $534m, or $612m including lease liabilities.

The acquisition will be funded via a $267m debt ($198m draw down) and an underwritten capital raise of $401m, priced at $4.60.

LD&D operates 13 manufacturing sites, as well as Australia's largest national cold chain distribution network. Additionally, it owns a portfolio of milk and plant based beverages, yoghurt, juice, white milk and culinary brands.

UBS highlights the large synergy opportunity across corporate, milk supply and procurement. The acquisition is expected to be double-digit EPS accretive in FY22, including synergies of $36m.

The Buy rating and target price of $5.70 are unchanged.

FORECAST
UBS forecasts a full year FY21 dividend of 14.00 cents and EPS of 20.80 cents.
UBS forecasts a full year FY22 dividend of 15.90 cents and EPS of 27.90 cents.

BGA STOCK CHART