Financials Bega Cheese Limited

Equities

Market Closed - Australian S.E. Other stock markets 12:10:03 2024-12-09 am EST			5-day change	1st Jan Change
5.250 ^AUD	-0.57%		-0.76%	+48.31%

Nov. 28	Australian Shares Hit Record High Despite US Rate Cut Woes; ACCC Launches Court Proceedings against Webjet Group	MT
Nov. 28	Bega Cheese Faces Legal Proceedings Over License Deal with Fonterra	MT

Fiscal Period: June	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,493	2,073	3,010	3,376	3,522	3,633	3,753	3,883
Change	-	38.85%	45.17%	12.16%	4.31%	3.16%	3.3%	3.46%
EBITDA ¹	103	141.7	180.1	160.2	164.1	195.2	216.2	234.4
Change	-	37.58%	27.1%	-11.05%	2.43%	18.98%	10.75%	8.39%
EBIT ¹	57.18	68.8	76.4	58.3	76.1	107.6	128.7	146.5
Change	-	20.31%	11.05%	-23.69%	30.53%	41.43%	19.61%	13.83%
Interest Paid ¹	-11.28	-10.4	-12.5	-24.1	-34.5	-32.6	-29.91	-28.14
Earnings before Tax (EBT) ¹	31.04	97.4	33.8	-256.8	39.8	76.06	101	119.8
Change	-	213.74%	-65.3%	-	-	91.11%	32.75%	18.66%
Net income ¹	21.27	72.2	24.2	-229.9	30.5	53.34	70.18	83.16
Change	-	239.48%	-66.48%	-	-	74.9%	31.56%	18.49%
Announcement Date	8/26/20	8/26/21	8/25/22	8/23/23	8/28/24	-	-	-

¹AUD in Million

Estimates

Fiscal Period: June	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2	2026 S1	2026 S2
Net sales ¹	752	707.7	1,366	1,507	1,503	1,675	1,701	1,728	1,794	1,819	1,889	1,893	1,967
Change	-	-5.89%	92.96%	10.36%	-0.3%	11.47%	1.54%	1.59%	3.8%	1.4%	3.83%	0.24%	3.92%
EBITDA	54.49	-	68.71	97.2	73.7	74.6	85.6	76.5	87.6	-	-	-	-
Change	-	-100%	-	41.46%	-24.18%	1.22%	14.75%	-10.63%	14.51%	-100%	-	-	-
EBIT ¹	30.28	48	20.8	42.5	33.9	23	35.3	33.6	42.5	54.27	50.38	63.97	61.21
Change	-	58.52%	-56.68%	104.38%	-20.24%	-32.15%	53.48%	-4.82%	26.49%	27.69%	-7.16%	26.97%	-4.32%
Charge d'intérêts	-5.094	-	-5.375	-	-6.4	-10.1	-14.1	-16.5	-18	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	61.55	-	-2.7	10.3	-267.1	26.7	13.1	39.9	32.86	51.53	45.81
Change	-	-	-	-100%	-	-	-	-	-50.94%	204.59%	-17.63%	56.81%	-11.11%
Net income	-	-	50.49	-	-3.8	7.3	-237.2	26.5	4	-	-	-	-
Change	-	-	-	-100%	-	-	-	-	-84.91%	-100%	-	-	-
Announcement Date	8/26/20	2/23/21	8/26/21	2/23/22	8/25/22	2/22/23	8/23/23	2/21/24	8/28/24	-	-	-	-

¹AUD in Million

Estimates

Fiscal Period: June	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	236	409	264	401	353	238	221	200
Change	-	73.31%	-35.45%	51.89%	-11.97%	-32.64%	-7.14%	-9.5%
Announcement Date	8/26/20	8/26/21	8/25/22	8/23/23	8/28/24	-	-	-

¹AUD in Million

Estimates

Fiscal Period: June	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	56.84	32.2	71.8	68.1	74.6	73.45	74.87	75.42
Change	-	-43.35%	122.98%	-5.15%	9.54%	-1.54%	1.94%	0.73%
Free Cash Flow (FCF) ¹	94.98	79.2	86.4	-58.4	59.7	23.4	59.82	67.35
Change	-	-16.61%	9.09%	-167.59%	-202.23%	-60.8%	155.66%	12.58%
Announcement Date	8/26/20	8/26/21	8/25/22	8/23/23	8/28/24	-	-	-

¹AUD in Million

Estimates

Fiscal Period: June	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	6.9%	6.83%	5.98%	4.75%	4.66%	5.37%	5.76%	6.04%
EBIT Margin (%)	3.83%	3.32%	2.54%	1.73%	2.16%	2.96%	3.43%	3.77%
EBT Margin (%)	2.08%	4.7%	1.12%	-7.61%	1.13%	2.09%	2.69%	3.09%
Net margin (%)	1.42%	3.48%	0.8%	-6.81%	0.87%	1.47%	1.87%	2.14%
FCF margin (%)	6.36%	3.82%	2.87%	-1.73%	1.7%	0.64%	1.59%	1.73%
FCF / Net Income (%)	446.58%	109.7%	357.02%	25.4%	195.74%	43.87%	85.25%	80.99%
Profitability
ROA	2.18%	2.03%	1.9%	1.26%	1.42%	3%	3.91%	4.27%
ROE	3.91%	3.82%	3.66%	2.52%	3.02%	5.09%	6.65%	7.63%
Financial Health
Leverage (Debt/EBITDA)	2.3x	2.89x	1.46x	2.5x	2.15x	1.22x	1.02x	0.85x
Debt / Free cash flow	2.49x	5.17x	3.05x	-6.86x	5.92x	10.16x	3.7x	2.97x
Capital Intensity
CAPEX / Current Assets (%)	3.81%	1.55%	2.39%	2.02%	2.12%	2.02%	2%	1.94%
CAPEX / EBITDA (%)	55.19%	22.72%	39.87%	42.51%	45.46%	37.62%	34.62%	32.18%
CAPEX / FCF (%)	59.84%	40.66%	83.1%	-116.61%	124.96%	313.88%	125.15%	111.98%
Items per share
Cash flow per share ¹	0.6421	0.4205	0.5205	0.0269	0.4415	0.3244	0.4649	0.5079
Change	-	-34.51%	23.77%	-94.83%	1,541.38%	-26.54%	43.33%	9.25%
Dividend per Share ¹	0.1	0.1	0.11	0.075	0.08	0.1089	0.1408	0.1646
Change	-	0%	10%	-31.82%	6.67%	36.11%	29.29%	16.93%
Book Value Per Share ¹	3.796	4.166	4.162	3.299	3.336	3.399	3.499	3.607
Change	-	9.74%	-0.08%	-20.74%	1.13%	1.89%	2.94%	3.09%
EPS ¹	0.099	0.272	0.08	-0.753	0.1	0.1739	0.2296	0.2721
Change	-	174.75%	-70.59%	-1,041.25%	-113.28%	73.91%	32.04%	18.48%
Nbr of stocks (in thousands)	214,437	302,627	303,283	304,248	304,776	304,963	304,963	304,963
Announcement Date	8/26/20	8/26/21	8/25/22	8/23/23	8/28/24	-	-	-