Ann: Presentation - FY2023 Full Year Result, page-48

It really depends on where your mind is at. I would be buying at these levels but I am saving my pennies for a plunge in REITs.

I wouldn't be basing my buying on the Betta Milk acquisition though $11mil. They bought out Lion Dairy Drinks $528mil in 2021 and Mondelēz $460mil in 2017. Sold JV share in Vitasoy for 51m in early 2023 and 1 Vegemite Way for $114mil. Wrote off bulk assets for $180-280 due to milk pricing pressures.

My guess with the recent Tas brand purchase is for overseas markets to try and establish a price premium for their cream and butter. They already have good export channels and if they grow it, it might yeild a good return as plain bulk milk products is not profitable.

People might be running away from Bega but it's getting pretty cheap given the amount of negative news. Dividend is currently pretty dismal but this isn't a good time to be a processor with higher milk prices at the farmgare.