Milk supply is only going to get worse, another El Nino weather event will see even more farmers sell up and move on. There is going to be a generational gap where young people don't want to get up early to milk cows (not sure if you have ever done it but it's not the best). Easier money to be made elsewhere and doesn't require huge capital to enter the industry.
BGA doesn't have a good history of forecasting and capital management. As stated a while ago it's never a good look when a company starts selling assets to rent them back at a premium (sale cap rate was terrible) and do nothing with the money besides pay down some debt, even then it hasn't reduced debt a whole heap.
The thing that did surprise me was we actually still get a dividend, I was expecting it to be scraped.
Management need to act swiftly and get the ship steered back on course. Don't be fooled thinking we are too big to fail
Ann: Presentation - FY2023 Full Year Result, page-20
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