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BUBS AUSTRALIA LIMITED

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Delayed Australian Stock Exchange  -  02:10 2022-08-12 am EDT
0.6250 AUD    0.00%
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Bubs Australia shares surge on infant formula supply deal with Walmart

06/15/2022 | 09:53pm EDT
FILE PHOTO: A cabinet of baby formulas is seen at a Walmart store in Raleigh

(Reuters) - Shares of Bubs Australia jumped on Thursday after the company signed a deal to supply its infant formula products to U.S. retail giant Walmart amid a baby food shortage in the world's largest economy.

Walmart plans to buy a shipment of six Bubs Infant Formula and two Aussie Bubs Toddler Formula products, which would be delivered to about 800 Walmart stores across the United States, Bubs Australia said, adding that the new supply built on its existing online product sales on Walmart.com channel.

Shares of Bubs Australia rose as much as 10.6% to A$0.625 in morning trade, valuing the company at about A$383 million ($268.94 million).

"The addition of Walmart will increase our bricks and mortar exposure in the United States over the coming days and weeks to around 4,800 stores across 35 states," Chief Executive Officer Kristy Carr said.

The 4,800-store footprint includes the first Bubs Australia consignment bought by retailers Kroger and Albertsons.

Bubs Australia recently signed a deal with the U.S. government to supply more than a million tins of infant formula to help the country address the baby food supply crisis.

The crisis was triggered when Abbott Laboratories recalled dozens of its brands in February after consumers complained of infants contracting bacterial infections.

($1 = 1.4241 Australian dollars)

(Reporting by Riya Sharma in Bengaluru; Editing by Subhranshu Sahu)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ABBOTT LABORATORIES 0.27% 110.8797 Delayed Quote.-21.49%
ALBERTSONS COMPANIES, INC. -2.91% 28.09 Delayed Quote.-4.24%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.06% 0.71042 Delayed Quote.-2.46%
BUBS AUSTRALIA LIMITED 0.00% 0.625 Delayed Quote.31.58%
KROGER 0.21% 47.06 Delayed Quote.4.26%
WALMART INC. 0.46% 130.45 Delayed Quote.-10.28%
All news about BUBS AUSTRALIA LIMITED
08/09A2 Milk's hopes to sell baby food in U.S. curdled, shares plunge
RE
08/03Alpha Pro, Bubs Australia Form JV to Sell Infant Nutrition Products in Greater China
MT
08/02A2 Milk jumps before halt on FDA nod news, denies report
RE
07/29BUBS AUSTRALIA : Completion of Retail Entitlement Offer - Amended
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07/19BUBS AUSTRALIA : FY22 Q4 - Activity Report and Appendix 4C Cashflow Statement
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07/14BUBS AUSTRALIA : Appendix 3B - Amended
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07/13BUBS AUSTRALIA : Retail Offer Booklet and Letter to Ineligible Shareholders
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07/06Bubs Australia Completes Institutional Component of $43 Million Equity Raising; Shares ..
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07/06BUBS AUSTRALIA LIMITED : RIGHTS ISSUE: 1 new share @ 0.52 AUD for 10.42 existing shares
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07/05Bubs Australia Amends Share Subscription Deal with Alpha Professional Subsidiary
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Financials
Sales 2022 93,2 M 66,3 M 66,3 M
Net income 2022 -2,38 M -1,69 M -1,69 M
Net cash 2022 16,0 M 11,4 M 11,4 M
P/E ratio 2022 -198x
Yield 2022 -
Capitalization 459 M 326 M 326 M
EV / Sales 2022 4,75x
EV / Sales 2023 2,78x
Nbr of Employees -
Free-Float 93,8%
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Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 0,63 AUD
Average target price 0,69 AUD
Spread / Average Target 10,0%
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Managers and Directors
Kristy-Lee Newland Carr Chief Executive Officer & Executive Director
Iris Ren Chief Financial Officer
Dennis Lin Executive Chairman
Richard Paine Chief Operating Officer
Katrina Rathie Independent Non-Executive Director