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

$6.02

15 Jun
2026

-0.040

OPEN

$6.20

-0.66%

HIGH

$6.24

7,263,624

LOW

$5.99

TARGET
$8.10 34.6% 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) 24.8 xxx
DPS (cps) 18.7 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 23.8 xxx
Dividend Yield 3.2% xxx
Div Pay Ratio(%) 75.3% 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: 3.22%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 2.79

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

0.3

No. Of Recommendations

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

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxx

-

xx.xx%

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Bell Potter

05/05/2026

3

Hold

$6.75

12.13%

a2 Milk Co announced a voluntary recall of three batches of IMF products sold to the US arising from the presence of cereulide, Bell Potter explains. The recall related to a small batch volume and is not anticipated to impact on FY26 earnings.

While the recall related to the US market, the analyst points to the risk of concerns arising in the Chinese market around contaminated product and thus the brand perception.

No EPS forecast changes have been applied but the target price has fallen to $6.75 from $8.35 due to forex changes in AUDNZD and a higher discount rate for the possible negative brand impact. Hold retained.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 20.35 cents and EPS of 23.73 cents.
Bell Potter forecasts a full year FY27 dividend of 22.08 cents and EPS of 27.36 cents.

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$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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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

15/06/2026

3

Neutral

-

-

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 localized 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 stabilization 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

Latest Dairy News

1
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Oct 29 2021 - Australia
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Jun 01 2021 - Technicals
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4
A2 Milk At A Crossroad In China?

Apr 22 2021 - Australia
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Dec 21 2020 - Australia
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Sep 02 2020 - Technicals
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Aug 17 2020 - Weekly Reports