New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Most indicators are pointing to a robust FY24 result when The a2 Milk Company (ATM) reports on Monday, 19 August.</li><li>Our mosaic of data points shows: (1) strong market share gains (supported by ongoing consolidation), particularly in the offline channel, and (2) solid brand health metrics.</li><li>FY25 consensus revenue expectations don't appear stretched in light of ATM's 2H24 exit run-rate (and improving CY24 birth rates), but an EBITDA margin of ~15.2% is at the top-end of our expectations (absent any material US or Mataura Valley Milk [MVM] changes). </li></ul>

Most indicators are pointing to a robust FY24 result when The a2 Milk Company (ATM) reports on Monday, 19 August.Our mosaic of data points shows: (1) strong market share gains (supported by ongoing consolidation), particularly in the offline channel, and (2) solid brand health metrics.FY25 consensus revenue expectations don't appear stretched in light of ATM's 2H24 exit run-rate (and improving CY24 birth rates), but an EBITDA margin of ~15.2% is at the top-end of our expectations (absent any material US or Mataura Valley Milk [MVM] changes). 

The A2 Milk Company - FY24 Preview — Well Formulated External Inbox

A2 Milk Co Ltd

The A2 Milk Company - FY24 Preview — Well Formulated External Inbox