FONTERRA SHAREHOLDERS FUND (FSF)
Share Price Analysis and Chart

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FSF - FONTERRA SHAREHOLDERS FUND

FNArena Sector : Dairy

Year End: July

GICS Industry Group : Food, Beverage & Tobacco

Debt/EBITDA: N/A

Index:

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$3.02 23 Mar 2023	0.030 OPEN $3.02	1.00% HIGH $3.03	10,561 LOW $2.95

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$3.02

23 Mar
2023

0.030

OPEN

$3.02

1.00%

HIGH

$3.03

10,561

LOW

$2.95

OTHER COMPANIES IN THE SAME SECTOR
A2M . BGA . MGC . SM1 . NUC . BUB . BFC . TFL . NUC .

FNARENA'S MARKET CONSENSUS FORECASTS

12 Month Avg FX Values

Present FX Values

Original Currency

Title	FY23 Forecast	FY24 Forecast
EPS (cps)	59.5	xxx
DPS (cps)	27.3	xxx
EPS Growth	N/A	xxx
DPS Growth	N/A	xxx
PE Ratio	5.1	xxx
Dividend Yield	9.0%	xxx
Div Pay Ratio(%)	45.9%	xxx

Title	FY23 Forecast	FY24 Forecast
EPS (cps)	60.9	xxx
DPS (cps)	28.0	xxx
EPS Growth	N/A	xxx
DPS Growth	N/A	xxx
PE Ratio	5.0	xxx
Dividend Yield	9.2%	xxx
Div Pay Ratio(%)	45.9%	xxx

Title	FY21 Actual	FY22 Actual	FY23 Forecast	FY24 Forecast
EPS (cps)	xxx	36.0	65.3	xxx
DPS (cps)	xxx	20.0	30.0	xxx
EPS Growth	xxx	0.0%	81.4%	xxx
DPS Growth	xxx	33.3%	50.0%	xxx
Div Pay Ratio(%)	xxx	55.6%	45.9%	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: 4.79%

DIVIDEND YIELD CALCULATOR

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: 22/03 - ex-div 7.0904c (franking 0%)

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2023 FactSet UK Limited. All rights reserved

Title	2017	2018	2019	2020	2021	2022
EPS Basic	xxx	xxx	xxx	xxx	xxx	-
DPS All	xxx	xxx	xxx	xxx	xxx	18.7
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	19.6 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	271.0
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	19.6 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	-

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title	2017	2018	2019	2020	2021	2022
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	-
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	-
Return on Assets	xxx	xxx	xxx	xxx	xxx	-
Return on Equity	xxx	xxx	xxx	xxx	xxx	-
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	-
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	-

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title	2017	2018	2019	2020	2021	2022
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	-
Long Term Debt	xxx	xxx	xxx	xxx	xxx	-
Total Debt	xxx	xxx	xxx	xxx	xxx	-
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	-
Price To Book Value	xxx	xxx	xxx	xxx	xxx	1.00

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title	2017	2018	2019	2020	2021	2022
Capex	xxx	xxx	xxx	xxx	xxx	-
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	-
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	20 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	-
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	291 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

0.0

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Macquarie	17/03/2023	3	Neutral	-	-	Fonterra Shareholders Fund reported first half profit up 50% year on year and earnings 18% ahead of Macquarie. The 10c dividend was in line. FY23 earnings guidance has been lifted to 55-75cps from 50-70cps. Fonterra announced an intended 50c capital return in October, having previously flagged some level of capital return post asset sales. Earnings upside is underpinned by commodity prices, Macquarie suggests, but the medium to long term growth track is largely priced in. Neutral retained, target falls to NZ$3.42 from NZ$3.52 on a higher risk free rate and cost of equity. FORECAST Macquarie forecasts a full year FY23 dividend of 27.33 cents and EPS of 59.49 cents. Macquarie forecasts a full year FY24 dividend of 22.77 cents and EPS of 44.27 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Macquarie

17/03/2023

Neutral

Fonterra Shareholders Fund reported first half profit up 50% year on year and earnings 18% ahead of Macquarie. The 10c dividend was in line. FY23 earnings guidance has been lifted to 55-75cps from 50-70cps.

Fonterra announced an intended 50c capital return in October, having previously flagged some level of capital return post asset sales.

Earnings upside is underpinned by commodity prices, Macquarie suggests, but the medium to long term growth track is largely priced in. Neutral retained, target falls to NZ$3.42 from NZ$3.52 on a higher risk free rate and cost of equity.

FORECAST
Macquarie forecasts a full year FY23 dividend of 27.33 cents and EPS of 59.49 cents.
Macquarie forecasts a full year FY24 dividend of 22.77 cents and EPS of 44.27 cents.

Access Stockbroker Research History >

FSF STOCK CHART

FNArena News on FSF

1	Australian Broker Call Extra Edition – Mar 23, 2023 Mar 23 2023 - Daily Market Reports

2	FNArena Corporate Results Monitor – 17-03-2023 Mar 17 2023 - Australia

3	Australian Broker Call Extra Edition – Oct 04, 2022 Oct 04 2022 - Daily Market Reports

4	FNArena Corporate Results Monitor – 26-09-2022 Sep 26 2022 - Australia

5	Australian Broker Call Extra Edition – Sep 19, 2022 Sep 19 2022 - Daily Market Reports

Latest Dairy News

1	Treasure Chest: Bega Cheese Oct 18 2022 - Treasure Chest

2	a2 Milk Pumps Up Growth Expectations Oct 29 2021 - Australia

3	Bega Cheese: Melting Up? Jun 01 2021 - Technicals

4	Synlait Milk Eyes Recovery, But Risks Remain May 26 2021 - Australia

5	A2 Milk At A Crossroad In China? Apr 22 2021 - Australia

6	Sales Slowdown Hits a2 Milk Guidance Dec 21 2020 - Australia

7	Uncertainty Prevails For Synlait Milk Sep 30 2020 - Small Caps

8	Daigou Drought Sours a2 Milk Outlook Sep 29 2020 - Australia

9	Treasure Chest: Is a2 Milk In Danger? Sep 10 2020 - Treasure Chest

10	a2 Milk Souring Sep 02 2020 - Technicals

Dividend Yield Today On Last Actual Payout :	6.12
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
Tell Me The Dividend After This Many Years

	Yield	Yield on investment
This Year
Year 1
Year 2
Year 3
Year 4
Year

1	Australian Broker Call Extra Edition – Mar 23, 2023 Mar 23 2023 - Daily Market Reports

2	FNArena Corporate Results Monitor – 17-03-2023 Mar 17 2023 - Australia

3	Australian Broker Call Extra Edition – Oct 04, 2022 Oct 04 2022 - Daily Market Reports

4	FNArena Corporate Results Monitor – 26-09-2022 Sep 26 2022 - Australia

5	Australian Broker Call Extra Edition – Sep 19, 2022 Sep 19 2022 - Daily Market Reports

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FONTERRA SHAREHOLDERS FUND (FSF)
Share Price Analysis and Chart