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

$7.08

30 Apr
2026

-0.050

OPEN

$7.06

-0.70%

HIGH

$7.11

2,875,403

LOW

$6.96

TARGET
$8.93 26.1% 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 FY26
Forecast		 FY27
Forecast
EPS (cps) 25.9 xxx
DPS (cps) 19.1 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 28.0 xxx
Dividend Yield 2.6% xxx
Div Pay Ratio(%) 73.6% 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: 3.04%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 2.25

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: 18/09 - ex-div 8.9c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 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

0.4

No. Of Recommendations

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

Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

2

xxxxxxx xx xxxxxxxxxx xxxx xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Bell Potter

14/04/2026

3

Hold

$8.35

17.94%

The trading update from a2 Milk Co has highlighted supply chain issues that have constrained sales. Significantly, elevated costs are affecting margins.

Guidance has been downgraded with revenue growth now expected in the low-mid double digits from mid-double digits. FY26 EBITDA margins are reduced to 14-14.5% from 15.5-16%. Net profit is expected to be flat or retreating slightly versus prior expectations for growth.

Bell Potter considers some of the issues are likely to be temporary, such as elevated airfreight, but may persist into the first quarter of FY27 as inventory levels in the market are restored. Of most concern is the deterioration in margin expectations.

Hold rating. Target is reduced to $8.35 from $9.55.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 20.66 cents and EPS of 24.09 cents.
Bell Potter forecasts a full year FY27 dividend of 22.42 cents and EPS of 27.78 cents.

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

(xx/xx/xxxx)

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxx

-

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

28/04/2026

4

Underweight

$9.20

29.94%

Jarden maintains an Underweight rating for a2 Milk Co with an unchanged target price of $9.20 as new legally binding testing requirements for China infant formula exports introduce near-term supply chain risks.

The New Zealand regulator recently implemented mandatory cereulide toxin testing for all infant formula batches destined for the Chinese market, requiring adherence to strict quantification limits of 0.1 micrograms per kilogram.

Commentary indicates the transition to these new standards is currently extending quality assurance release times and impacting product availability despite strong in-market execution.

While international peers switched arachidonic acid (ARA) suppliers to mitigate risk, the broker suggests a2 Milk faces a significant backlog of unfilled orders from its manufacturing partner Synlait Milk ((SM1)).

No changes were made to earnings forecasts in this update, leaving the projected financial year 2026 earnings per share at 28.1 cents.

FORECAST
Jarden forecasts a full year FY26 dividend of 19.34 cents and EPS of 24.70 cents.
Jarden forecasts a full year FY27 dividend of 60.05 cents and EPS of 29.36 cents.
Access Extra Coverage Research History >

A2M STOCK CHART

FNArena News on A2M

Latest Dairy News

1
a2 Milk Pumps Up Growth Expectations

Oct 29 2021 - Australia
2
Bega Cheese: Melting Up?

Jun 01 2021 - Technicals
3
Synlait Milk Eyes Recovery, But Risks Remain

May 26 2021 - Australia
4
A2 Milk At A Crossroad In China?

Apr 22 2021 - Australia
5
Sales Slowdown Hits a2 Milk Guidance

Dec 21 2020 - Australia
6
Uncertainty Prevails For Synlait Milk

Sep 30 2020 - Small Caps
7
Daigou Drought Sours a2 Milk Outlook

Sep 29 2020 - Australia
8
Treasure Chest: Is a2 Milk In Danger?

Sep 10 2020 - Treasure Chest
9
a2 Milk Souring

Sep 02 2020 - Technicals
10
IPO Taps Appetite For Plant-Based Proteins

Aug 17 2020 - Weekly Reports