FONTERRA SHAREHOLDERS FUND (FSF)
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FSF - FONTERRA SHAREHOLDERS FUND

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

LAST PRICE CHANGE +/- CHANGE % VOLUME

$3.85

24 Sep
2021

-0.020

OPEN

$4.01

-0.52%

HIGH

$4.07

8,020

LOW

$3.84

OTHER COMPANIES IN THE SAME SECTOR
A2M . BGA . MGC . SM1 . NUC . BUB . BFC . TFL . NUC .
FNARENA'S MARKET CONSENSUS FORECASTS
FSF: 1
Title FY22
Forecast
FY23
Forecast
EPS (cps) 32.4 xxx
DPS (cps) 15.0 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 11.9 xxx
Dividend Yield 3.9% xxx
Div Pay Ratio(%) 46.4% 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

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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: 23/03 - 3.95c (0%)

HISTORICAL DATA ARE ALL IN AUD
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DPS All
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Book Value Per Share
Net Operating Cash Flow
Net Profit Margin

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DPS All

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Book Value Per Share

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Net Profit Margin

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Return on Total Capital
Capex
Capex % of Sales
Free Cash Flow ex dividends

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Sentiment Indicator

0.5

No. Of Recommendations

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

Macquarie

xx/xx/xxxx

1

xxxxxxx xx xxxxxxxxxx xxxx xxxxxxxxxxxx

-

xx.xx%

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UBS

07/05/2021

3

Neutral

-

-

UBS believes the net effect of an expected -5% fall in NZ milk production over the next 10 years, is a substantial increase for Fonterra Shareholders’ Fund size (6% to 17% of shares) and reduced farmer ownership.

Alternatively, the broker thinks there could be a requirement for substantial share buy-backs ($1.2bn over 10 years) with reduced financial flexibility.

While there are very divergent outcomes for Fonterra Shareholders’ Fund unitholders, UBS believes affordability of the buy-back is a key issue.

The next step is farmer consultation with shareholder vote targeted for November.

UBS retains its Neutral rating, and target of NZ$5.

FORECAST
UBS forecasts a full year FY22 dividend of 13.68 cents and EPS of 30.46 cents.

FSF STOCK CHART