Ann: Results Presentation FY21, page-154

ASX:A2M Results Presentation FY21 (26/08/2021)

So just running the numbers here....




https://au.finance.yahoo.com/quote/A2M.AX/key-statistics?p=A2M.AX

$80,700,000 / 743,610,000 = $0.11/share

A rough discounted cash flow analysis:


https://www.gurufocus.com/term/wacc/ASX:A2M/WACC-/The-a2-Milk-Co-Ltd

-3.28% for perpetual growth rate of FCF


https://au.finance.yahoo.com/quote/A2M.AX/key-statistics?p=A2M.AX


EBITDA of 2025 x 24.9 = $733,186,029.60


Take a Flambeau estimated NPV of $1,039,102,521.89. Divide by Shares on Issue: 743,610,000.

NPV from Flambeau's discounted cash flow we can see A2M = $1.40 /share. Vanguard could be wrong here. They have been before.

I understand that the company is forward looking and thinks this will all turn around, but we will see.

For the average investor, now you know why the big holders are bailing. The numbers just don't add up.