A2 MILK COMPANY LIMITED (A2M)
Share Price Analysis and Chart

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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

$7.10

25 Jun
2026

0.250

OPEN

$7.23

3.65%

HIGH

$7.29

4,389,664

LOW

$6.99

TARGET
$8.30 16.9% 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 FY27
Forecast		 FY28
Forecast
EPS (cps) 24.7 xxx
DPS (cps) 18.3 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 27.8 xxx
Dividend Yield 2.7% xxx
Div Pay Ratio(%) 73.8% 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: 11.24%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 7.33

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: 08/07 - ex-div 28.76c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx25.8
DPS All xxxxxxxxxxxxxxx53.8
Sales/Revenue xxxxxxxxxxxxxxx1,702.8 M
Book Value Per Share xxxxxxxxxxxxxxx121.5
Net Operating Cash Flow xxxxxxxxxxxxxxx115.0 M
Net Profit Margin xxxxxxxxxxxxxxx10.52 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx16.10 %
Return on Invested Capital xxxxxxxxxxxxxxx15.63 %
Return on Assets xxxxxxxxxxxxxxx10.51 %
Return on Equity xxxxxxxxxxxxxxx16.10 %
Return on Total Capital xxxxxxxxxxxxxxx21.26 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-92.5 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 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx5 M
Long Term Debt xxxxxxxxxxxxxxx15 M
Total Debt xxxxxxxxxxxxxxx20 M
Goodwill - Gross xxxxxxxxxxxxxxx169 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx644 M
Price To Book Value xxxxxxxxxxxxxxx6.18

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx72.8 M
Capex % of Sales xxxxxxxxxxxxxxx4.27 %
Cost of Goods Sold xxxxxxxxxxxxxxx891 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx565 M
Research & Development xxxxxxxxxxxxxxx4 M
Investments - Total xxxxxxxxxxxxxxx77 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

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

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Morgan Stanley

21/05/2026

1

Overweight

$9.90

39.44%

Morgan Stanley, after hosting an expert call, notes further consolidation of China's infant milk formula market and a normalisation of recall impacts during the rest of 2026 should support the key operators in this area and drive innovation and premiumisation.

Rigorous supply testing of Chinese label products and production issues may have been undertaken after "quiet product recalls in China" and Morgan Stanley suspects the consumer impact could have been greater than anticipated.

Acknowledging the effort being made by a2 Milk Co to fix the issue the expert is constructive on the longer-term market share opportunity. Morgan Stanley points out the main swing factor for the company will be the speed at which it gets product back into the market.

Overweight rating and $9.90 target retained. Industry View: In-Line.

FORECAST
Morgan Stanley forecasts a full year FY26 dividend of 18.12 cents and EPS of 27.61 cents.
Morgan Stanley forecasts a full year FY27 dividend of 57.82 cents and EPS of 31.58 cents.

Macquarie

xx/xx/xxxx

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xxxxxxxxxx

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Morgans

xx/xx/xxxx

2

xxxxxxx xx xxxxxxxxxx xxxx xxxx

$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

17/06/2026

3

Upgrade to Neutral from Underweight

-

-

Jarden upgrades a2 Milk Co to Neutral from Underweight and reduces the target to NZ$7.36 from NZ$9.20 to include recent changes from the Ministry of Primary Industries as it relates to infant formula cereulide toxin testing.

The broker takes some comfort, as time has passed, that there are no further issues that need to be notified to the market.

Its desktop channel checks also confirm stock shortages in China Label across many online storefronts, which aligns with supply constraints foreshadowed in the trading update in mid April.

Jarden acknowledges there remain many unanswered questions regarding the investment case, but also finds the reduced cereulide tail risk is now better reflected in the share price de-rating.

On June 15th the broker followed up as follows:

Jarden maintains a Neutral rating for a2 Milk Co with a NZ$7.36 target price following channel checks indicating an emerging restock cycle for its China Label infant milk formula range.

Desktop analysis of popular Taobao storefronts and localised social media monitoring confirm the gradual re-entry of product supply across Mother and Baby Store and general trade channels.

New product batches manufactured after February 2026 feature an additional traceability QR code sticker, allowing consumers to directly verify customs clearance and negative cereulide testing results.

The analyst notes the stabilisation of product availability reduces severe tail risks associated with product recalls or structural supply chain disruptions.

A -20% discount remains embedded within the 12-month discounted cash flow valuation to account for residual uncertainty ahead of opening guidance for FY27 in August.
Access Extra Coverage Research History >

A2M STOCK CHART

FNArena News on A2M

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