Bega Cheese Limited (BGA) AI Stock Analysis

• Market Cap: €1.84B
• Dividend Yield: 1.99%
• Average Volume (3M): 561.18K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.89
• Revenue Growth: 0.49%
• EPS Growth: -127.84%
• Country: AU
• Employees: 3,900
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Packaged Foods
• EPS (TTM): 0.05
• Shares Outstanding: 305,377,400
• 10 Day Avg. Volume: 620,121
• 30 Day Avg. Volume: 561,182
• PEG Ratio: 1.53
• Price to Book (P/B): 1.70
• Price to Sales (P/S): 0.47
• P/FCF Ratio: 23.59
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €6.90
• Price Target Upside: 14.79% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: AU$6.00 ▼(-0.17% Downside)

Bega Cheese Limited's overall stock score is primarily impacted by its financial performance challenges, including declining revenue and profitability issues. The technical analysis shows bullish momentum, but the valuation suggests the stock may be overvalued. The absence of earnings call and corporate events data limits additional insights.

Positive Factors

Strategic Partnerships

Bega Cheese's strategic acquisitions, like Vegemite, expand its product portfolio and market presence, supporting long-term revenue growth.

Cash Flow Management

Positive free cash flow growth reflects effective cash management, providing resources for reinvestment and debt reduction.

Long-term Contracts

Stable income from long-term contracts ensures predictable cash flows, supporting financial stability and strategic planning.

Negative Factors

Declining Revenue

Significant revenue decline indicates challenges in market demand or competition, potentially impacting long-term profitability.

Profitability Issues

Negative net profit margin highlights operational inefficiencies, which could affect the company's ability to sustain growth.

Return on Equity

Negative ROE indicates poor shareholder returns, necessitating improvements in operational efficiency and profitability.

Bega Cheese Limited Business Overview & Revenue Model

Company Description

Bega Cheese Limited receives, processes, manufactures, and distributes dairy and other food-related products in Australia. The company operates in two segments, Branded and Bulk. The Branded segment manufactures value added consumer products for owned and externally owned brands. The Bulk segment manufactures bulk dairy ingredients, nutritional, and bio nutrient products. It offers natural, processed, and kids snacking cheese; butter and cream cheese products under the Farmer's Table brand name; dips, mayonnaise, and dressings under the ZoOSh brand name; and spreads under the Simply Nuts, B honey, Bega peanut butter, and VEGEMITE brands. The company also develops and supplies bio nutrient ingredients for the health and nutrition markets. In addition, it operates as a contract packer of natural cheddar and processed cheddar cheese products for corporations; and is involved in contract packaging for private proprietary brands, supermarket house brands, and QSR raw material inputs, as well as products for other dairy companies into their brands. The company also exports its products to approximately 40 countries across the Middle East, Southeast Asia, North Asia, Central and South America, and the Pacific Islands. Bega Cheese Limited was founded in 1899 and is headquartered in Bega, Australia.

How the Company Makes Money

Bega Cheese generates revenue primarily through the sale of its dairy products to both domestic and international markets. Key revenue streams include the sale of cheese products, which constitute a significant portion of its offerings, as well as dairy spreads and other related products. The company benefits from long-term contracts with major retailers, food service companies, and export agreements, which contribute to stable income. Additionally, Bega engages in value-added processing, allowing it to capture higher margins on specialty products. Strategic partnerships and acquisitions, such as the purchase of the Vegemite brand, enhance its product range and market reach, further bolstering its earnings capacity.

Bega Cheese Limited Financial Statement Overview

Summary

Bega Cheese Limited is facing challenges in revenue growth and profitability, with a negative net profit margin and declining revenue. The balance sheet shows moderate leverage but highlights inefficiencies in generating returns for shareholders. Cash flow management is stable with positive free cash flow growth, but there is room for improvement in converting income into cash.

Income Statement

Bega Cheese Limited has experienced a decline in revenue growth with a negative growth rate of -71.6% in the latest period. The gross profit margin remains moderate at 20.88%, but the company is facing challenges with profitability as indicated by a negative net profit margin of -0.24%. The EBIT margin is also negative, reflecting operational difficulties. Overall, the income statement shows a need for improvement in revenue and profitability.

Balance Sheet

The balance sheet of Bega Cheese Limited shows a moderate debt-to-equity ratio of 0.45, indicating a balanced approach to leverage. However, the return on equity is negative at -0.87%, suggesting inefficiencies in generating returns for shareholders. The equity ratio is stable, but the company needs to focus on improving profitability to enhance shareholder value.

Cash Flow

The cash flow statement indicates a positive free cash flow growth rate of 9.46%, which is a positive sign. The operating cash flow to net income ratio is 0.27, showing some ability to generate cash from operations. However, the free cash flow to net income ratio is 0.43, indicating room for improvement in converting income into free cash flow. Overall, cash flow management appears stable but could benefit from enhanced operational efficiency.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.54B	3.55B	3.52B	3.38B	3.01B	2.07B
Gross Profit	730.20M	741.30M	698.50M	656.40M	689.40M	465.20M
EBITDA	122.60M	107.90M	151.80M	-130.00M	146.00M	178.50M
Net Income	-8.50M	-8.50M	30.50M	-229.90M	24.20M	72.20M
Balance Sheet
Total Assets	2.04B	2.04B	2.14B	2.15B	2.36B	2.51B
Cash, Cash Equivalents and Short-Term Investments	120.90M	120.90M	65.60M	66.40M	44.90M	87.20M
Total Debt	439.60M	439.60M	418.90M	467.10M	422.80M	496.50M
Total Liabilities	1.06B	1.06B	1.12B	1.15B	1.10B	1.24B
Stockholders Equity	980.20M	980.20M	1.01B	1.00B	1.26B	1.27B
Cash Flow
Free Cash Flow	76.80M	70.60M	59.70M	-59.90M	86.40M	79.20M
Operating Cash Flow	165.00M	165.00M	134.30M	8.20M	158.20M	111.40M
Investing Cash Flow	-76.30M	-76.30M	-52.30M	99.90M	-63.80M	-546.70M
Financing Cash Flow	-33.40M	-33.40M	-82.80M	-86.60M	-136.70M	499.60M

Bega Cheese Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 6.01
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:BGA, the sentiment is Positive. The current price of 6.01 is above the 20-day moving average (MA) of 5.96, above the 50-day MA of 5.64, and above the 200-day MA of 5.41, indicating a bullish trend. The MACD of 0.09 indicates Positive momentum. The RSI at 60.37 is Neutral, neither overbought nor oversold. The STOCH value of 85.19 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:BGA.

Bega Cheese Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
BUB	60 Neutral	AU$120.71M	21.77	13.97%	―	28.66%	―
BGA	51 Neutral	€1.84B	-215.41	-0.68%	1.99%	0.49%	-127.84%
NUC	45 Neutral	AU$22.56M	-5.56	-29.43%	―	102.21%	69.47%
NOU	40 Underperform	AU$36.02M	-0.24	―	―	1.03%	-52.56%
AHF	38 Underperform	AU$26.76M	-5.14	-20.54%	―	13.92%	36.28%

Bega Cheese Limited Corporate Events

Mitsubishi UFJ Financial Group Ceases Substantial Holding in Bega Cheese

Mitsubishi UFJ Financial Group, Inc. has ceased to be a substantial holder in Bega Cheese Limited as of late November 2025. This change in substantial holding is due to the purchase of securities by entities controlled by First Sentier Group Limited and Morgan Stanley, impacting the voting securities and possibly altering the company’s shareholder dynamics.

Bega Cheese Limited Announces Change in Substantial Holders

Bega Cheese Limited has announced a change in its substantial holders, with First Sentier Investors and its associates ceasing to hold a substantial interest in the company as of November 24, 2025. This change may impact the company’s shareholder structure and could influence its market dynamics and investor relations.

Bega Cheese to Present 2026 Half Year Results

Bega Cheese Limited has announced that its Half Year Results for 2026 will be presented by key executives on February 19, 2026. The presentation will be accessible via webcast, with provisions for participants to ask questions through a teleconference. This announcement highlights Bega’s commitment to transparency and engagement with stakeholders, potentially impacting investor confidence and market perception.

Bega Cheese Limited AGM: Key Resolutions Passed with Strong Support

Bega Cheese Limited held its Annual General Meeting on October 27, 2025, where key resolutions were passed, including the adoption of the remuneration report and the election of directors. The meeting saw strong support for the resolutions, indicating shareholder confidence in the company’s leadership and strategic direction.

Bega Cheese Limited Highlights Strategic Transformation and Future Growth Plans

At its Annual General Meeting, Bega Cheese Limited highlighted its successful transformation into a brand-focused company, emphasizing its strategic acquisitions and innovation pipeline. The company reported strong normalized earnings for FY2025 and outlined significant operational changes, including site closures, to improve efficiency and profitability. Looking forward, Bega is optimistic about growth in product categories like white milk, yoghurt, and spreads, and plans to introduce health-focused dairy products to meet consumer demand.

Bega Cheese Limited’s 2025 Sustainability Report: A Commitment to Sustainable Practices

Bega Cheese Limited’s 2025 Sustainability Report highlights the company’s ongoing commitment to sustainability, with a focus on circularity, emissions reduction, and community engagement. The report outlines initiatives such as resource efficiency, emissions reduction, and responsible procurement, which are aimed at enhancing the company’s operational efficiency and environmental impact. These efforts position Bega Cheese as a leader in sustainable practices within the dairy industry, potentially benefiting stakeholders by aligning with global sustainability trends and consumer preferences.

Bega Cheese Director Increases Stake Through Dividend Reinvestment

Bega Cheese Limited announced a change in the director’s interest, with Raelene Margaret Murphy acquiring 234 ordinary shares through the company’s Dividend Reinvestment Plan. This change reflects the director’s increased investment in the company, potentially signaling confidence in Bega Cheese’s financial health and future prospects.

Bega Cheese Director Increases Shareholding

Bega Cheese Limited has announced a change in the director’s interest notice, involving Terrence Xavier O’Brien. O’Brien has acquired 428 ordinary shares through the company’s Dividend Reinvestment Plan, increasing his total holdings to 41,604 shares. This move reflects the director’s continued confidence in the company’s performance and strategic direction.

Bega Cheese Director Increases Stake via Dividend Reinvestment

Bega Cheese Limited announced a change in the director’s interest, with Patria Maija Mann acquiring an additional 216 ordinary shares through the company’s Dividend Reinvestment Plan. This change reflects the director’s increased stake in the company, potentially signaling confidence in Bega Cheese’s future performance and strategic direction.

Bega Cheese Director Increases Stake Through Dividend Reinvestment

Bega Cheese Limited announced a change in the director’s interest, with George Harper Kilpatrick acquiring 329 ordinary shares through the company’s Dividend Reinvestment Plan. This change reflects the director’s increased stake in the company, indicating confidence in Bega Cheese’s financial strategies and future growth prospects.

Bega Cheese Limited Issues New Securities on ASX

Bega Cheese Limited has announced the issuance of 192,899 ordinary fully paid securities, which will be quoted on the Australian Securities Exchange (ASX). This move is part of a dividend or distribution plan and reflects the company’s ongoing efforts to enhance shareholder value and strengthen its market position.

Bega Cheese Limited Issues New Securities to Enhance Market Position

Bega Cheese Limited has announced the issuance of 300,587 new ordinary fully paid securities as of September 24, 2025. This move indicates a strategic financial decision that could potentially impact the company’s capital structure and market positioning, reflecting its ongoing efforts to strengthen its operational capabilities and investor relations.

Bega Cheese Limited Announces Cessation of Performance Rights

Bega Cheese Limited announced the cessation of 372,176 performance rights, as the conditions for these securities were not met or became incapable of being satisfied. This development may impact the company’s capital structure and could have implications for stakeholders regarding the company’s performance metrics and future financial strategies.