While noting consensus is factoring in FY26 EBITDA margins to fall to 19%, on further analysis UBS believes margins can actually lift to 22%. This reflects lower ingredient costs, increased infant formula marketing efficiency and a more stable sales mix. The broker expects a substantial rise in net profit versus FY23 going forward, driven by strong formula sales and a recovery in the daigou channel. Estimates are trimmed for FY23-24 because of the disruptions caused by the pandemic in early 2023 and slower manufacturing internalisation in FY24.Buy rating and NZ$8.90 target price retained.
Media Updates, page-12940
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$4.98 |
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-0.300(5.68%) |
Mkt cap ! $3.612B | |||
| Open | High | Low | Value | Volume |
| $5.30 | $5.30 | $4.95 | $14.15M | 2.796M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 31 | 24234 | $4.97 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $4.99 | 18870 | 13 |
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