SYNLAIT MILK LIMITED (SM1)
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SM1

SM1 - SYNLAIT MILK LIMITED

FNArena Sector : Dairy
Year End: July
GICS Industry Group : Food, Beverage & Tobacco
Debt/EBITDA: 10.51
Index:

LAST PRICE CHANGE +/- CHANGE % VOLUME

$0.75

02 Oct
2025

0.020

OPEN

$0.72

2.74%

HIGH

$0.75

471,471

LOW

$0.72

TARGET
$0.585 -22.0% downside
OTHER COMPANIES IN THE SAME SECTOR
A2M . BGA . BUB . NUC . NUC . TFL .
FNARENA'S MARKET CONSENSUS FORECASTS
SM1: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) 128.0 xxx
DPS (cps) 0.0 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 0.6 xxx
Dividend Yield 0.0% xxx
Div Pay Ratio(%) N/A 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
HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx-6.8
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx1,669.0 M
Book Value Per Share xxxxxxxxxxxxxxx119.9
Net Operating Cash Flow xxxxxxxxxxxxxxx107.3 M
Net Profit Margin xxxxxxxxxxxxxxx-2.18 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx-5.71 %
Return on Invested Capital xxxxxxxxxxxxxxx-4.74 %
Return on Assets xxxxxxxxxxxxxxx-2.45 %
Return on Equity xxxxxxxxxxxxxxx-5.71 %
Return on Total Capital xxxxxxxxxxxxxxx-1.70 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx86.4 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 xxxxxxxxxxxxxxx307 M
Long Term Debt xxxxxxxxxxxxxxx45 M
Total Debt xxxxxxxxxxxxxxx352 M
Goodwill - Gross xxxxxxxxxxxxxxx53 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx72 M
Price To Book Value xxxxxxxxxxxxxxx0.46

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx21.6 M
Capex % of Sales xxxxxxxxxxxxxxx1.29 %
Cost of Goods Sold xxxxxxxxxxxxxxx1,573 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx115 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx4 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

-0.5

No. Of Recommendations

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

Macquarie

xx/xx/xxxx

5

xxxxxxxxxxxx

-

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Bell Potter

31/07/2025

3

Hold

$0.585

-22.00%

Synlait Milk's FY25 guidance metrics were broadly in line with Bell Potter's forecasts, except for debt (ex-leases), which is now expected to be at the top end of the previous NZ$250-300m range.

The broker's bigger concern is weak shipment trends, especially for infant milk formula. FY26 EBITDA forecast lowered by -2% but net profit rises by 8%, mainly due to lower interest rates.

FY25 EBITDA forecast lowered by -4%.

Hold. Target cut to 58.5c from 92c on a higher discount of -35% from -20% relative to global peers.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 253.19 cents.
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

02/10/2025

4

Underweight

-

-

Synlait Milk reported underlying FY25 earnings (EBITDA)  of NZ$107m, above Jarden’s NZ$98m estimate, on strong lactoferrin sales and a solid Dairyworks contribution.

The business reported a net loss of -NZ$40m and net debt of NZ$251m, with an additional receivable assignment inflating the variance, explains the broker.

The broker highlights the agreed US$178m sale of North Island assets to US-based Abbott Laboratories, with Chinese dairy company Bright Dairy & Food Co signalling shareholder support, though completion awaits regulatory approval.

Proceeds are expected to repay debt and refocus operations in the Canterbury region of New Zealand’s South Island, explain the analysts, ahead of a2 Milk Co ((ATM)) English Label volume losses in FY27.

Jarden reduces its target price to NZ60c from NZ64c and retains an Underweight rating.

FORECAST
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 4.19 cents.
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -3.46 cents.
Access Extra Coverage Research History >

SM1 STOCK CHART

FNArena News on SM1

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