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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Last
$5.56 |
Change
0.030(0.54%) |
Mkt cap ! $4.025B | |||
| Open | High | Low | Value | Volume |
| $5.47 | $5.60 | $5.43 | $8.699M | 1.574M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 9168 | $5.55 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $5.57 | 11368 | 2 |
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