Bell Potter report 29.Oct.2019, page-11

I have followed the weather forecast closely, the unfavorable drought seems likely continue into next year, causing higher input cost of milk.
Unless Bega can raise its product price, its margin will be lower this year.
I think I will probably wait until at least the half year result announcement in Feb, next year, to better assess the impact of drought and higher input cost for Bega.

On the positive, institutional investors, such as Perpetual and Macquarie are patient and have increased its holding this year.
I think significant Bega's value can be unlocked through divestiture, like Nufarm's sale to Summito or getting a Take-over offer (which I think will eventually happen).

To me, long-term holding in Bega should be ok, but short-term factors such as droughts are too significant to be overlooked.

Good luck and Merry Christmas to holders.