Major Estimate Revision • Jul 10
Consensus EPS estimates fall by 28% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from AU$334.8m to AU$328.6m. EPS estimate also fell from AU$0.038 per share to AU$0.027 per share. Net income forecast to shrink 11% next year vs 15% growth forecast for Food industry in Australia . Consensus price target of AU$3.78 unchanged from last update. Share price fell 11% to AU$3.65 over the past week. Announcement • Jun 01
Cobram Estate Olives Limited to Report Fiscal Year 2026 Results on Aug 28, 2026 Cobram Estate Olives Limited announced that they will report fiscal year 2026 results on Aug 28, 2026 Live News • May 15
Cobram Estate Sets Sights on US Growth With Expanded Premium Olive Oil Supply Cobram Estate Olives is focusing on long-term growth in the US premium olive oil market, positioning its products toward health-conscious consumers.
The company is using a vertically integrated model, with production assets in both Australia and California, to diversify its supply base.
Management is allocating capital to expand production capacity, increase brand recognition and build out distribution to reach more US retail and food-service customers.
The key takeaway is that Cobram Estate is leaning into the US as a core growth market, supported by control over its supply chain and marketing efforts aimed at premium buyers.
You should watch how effectively the company converts this investment in capacity and branding into shelf space, sales volumes and pricing power, especially given competition from established European producers and any easing in current supply challenges. Major Estimate Revision • Apr 13
Consensus EPS estimates fall by 26% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from AU$349.0m to AU$334.8m. EPS estimate also fell from AU$0.051 per share to AU$0.038 per share. Net income forecast to grow 15% next year vs 21% growth forecast for Food industry in Australia. Consensus price target reaffirmed at AU$3.62. Share price rose 4.3% to AU$3.60 over the past week. Announcement • Mar 26
Cobram Estate Olives Limited (ASX:CBO) completed the acquisition of California Olive Ranch, Inc. Cobram Estate Olives Limited (ASX:CBO) entered into a binding agreement to acquire California Olive Ranch, Inc. for approximately $170 million on December 24, 2025. The consideration comprises of cash $88.5 million, issuance of vendor notes $70 million and earn-out payment $15 million. The acquisition price is calculated on a cash-free and debt-free basis, with a purchase price adjustment for net working capital at completion.
California Olive Ranch, Inc. for the period ending September 30, 2025, reported net assets of $132.6 million, total revenue of $135 million and EBITDA of $16 million.
The conditions precedent to the acquisition of California Olive Ranch, Inc include: obtaining third party consents from commercial counterparts, all regulatory approvals and consents being obtained, including Hart-Scott-Rodino (HSR) / anti-trust approval and no material adverse change to COR between signing and completion. The transaction is expected to complete on or before February 28, 2026. The transaction is expected to be circa 9% EPS accretive from FY2027, the first full year of integration.
DLA Piper Australia Services Pty Ltd acted as legal advisor for Cobram Estate Olives Limited. On March 12, 2026, it was announced that DOJ’s anti-trust review has been completed and the transaction is expected to close on or before March 26, 2026.
Cobram Estate Olives Limited (ASX:CBO) completed the acquisition of California Olive Ranch, Inc. on March 26, 2026. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to AU$3.39, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 13x in the Food industry in Australia. Total returns to shareholders of 163% over the past three years. Price Target Changed • Mar 08
Price target increased by 11% to AU$3.62 Up from AU$3.28, the current price target is provided by 1 analyst. New target price is 21% above last closing price of AU$3.00. Stock is up 47% over the past year. The company is forecast to post earnings per share of AU$0.051 for next year compared to AU$0.12 last year. Major Estimate Revision • Feb 26
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from AU$366.0m to AU$349.0m. EPS estimate also fell from AU$0.067 per share to AU$0.051 per share. Net income forecast to grow 9.6% next year vs 19% growth forecast for Food industry in Australia. Consensus price target broadly unchanged at AU$3.26. Share price was steady at AU$3.20 over the past week. New Risk • Feb 21
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Board Change • Feb 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Non-Executive Director David Wills was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to AU$3.95, the stock trades at a forward P/E ratio of 59x. Average forward P/E is 15x in the Food industry in Australia. Total returns to shareholders of 185% over the past three years. Announcement • Dec 25
Cobram Estate Olives Limited to Report First Half, 2026 Results on Feb 20, 2026 Cobram Estate Olives Limited announced that they will report first half, 2026 results on Feb 20, 2026 Announcement • Nov 28
Cobram Estate Olives Limited has completed a Follow-on Equity Offering in the amount of AUD 3.889461 million. Cobram Estate Olives Limited has completed a Follow-on Equity Offering in the amount of AUD 3.889461 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,253,250
Price\Range: AUD 3.1035
Transaction Features: Subsequent Direct Listing Declared Dividend • Nov 02
Dividend increased to AU$0.045 Dividend of AU$0.045 is 36% higher than last year. Ex-date: 6th November 2025 Payment date: 28th November 2025 Dividend yield will be 1.3%, which is lower than the industry average of 3.6%. Announcement • Nov 01
Cobram Estate Olives Limited announces Annual dividend, payable on November 28, 2025 Cobram Estate Olives Limited announced Annual dividend of AUD 0.0450 per share payable on November 28, 2025, ex-date on November 06, 2025 and record date on November 07, 2025. Announcement • Oct 08
Cobram Estate Olives Limited has completed a Follow-on Equity Offering in the amount of AUD 2 million. Cobram Estate Olives Limited has completed a Follow-on Equity Offering in the amount of AUD 2 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 625,000
Price\Range: AUD 3.2
Transaction Features: Subsequent Direct Listing Announcement • Oct 04
Cobram Estate Olives Limited has filed a Follow-on Equity Offering in the amount of AUD 2 million. Cobram Estate Olives Limited has filed a Follow-on Equity Offering in the amount of AUD 2 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 625,000
Price\Range: AUD 3.2
Transaction Features: Subsequent Direct Listing Price Target Changed • Aug 24
Price target increased by 13% to AU$2.95 Up from AU$2.62, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of AU$3.05. Stock is up 83% over the past year. Reported Earnings • Aug 23
Full year 2025 earnings: Revenues miss analyst expectations Full year 2025 results: Revenue: AU$335.5m (up 47% from FY 2024). Net income: AU$49.6m (up 168% from FY 2024). Profit margin: 15% (up from 8.1% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.9%. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Food industry in Australia. Buy Or Sell Opportunity • Jul 15
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 31% to AU$2.46. The fair value is estimated to be AU$2.04, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Price Target Changed • Jul 07
Price target increased by 11% to AU$2.34 Up from AU$2.11, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of AU$2.44. Stock is up 49% over the past year. The company is forecast to post earnings per share of AU$0.12 for next year compared to AU$0.044 last year. Announcement • Apr 15
Cobram Estate Olives Limited to Report Fiscal Year 2025 Results on Aug 22, 2025 Cobram Estate Olives Limited announced that they will report fiscal year 2025 results on Aug 22, 2025 Reported Earnings • Feb 23
First half 2025 earnings released: AU$0.011 loss per share (vs AU$0.017 loss in 1H 2024) First half 2025 results: AU$0.011 loss per share (improved from AU$0.017 loss in 1H 2024). Revenue: AU$125.2m (up 9.8% from 1H 2024). Net loss: AU$4.46m (loss narrowed 38% from 1H 2024). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Food industry in Australia. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Price Target Changed • Feb 21
Price target increased by 8.3% to AU$2.14 Up from AU$1.98, the current price target is an average from 3 analysts. New target price is 7.0% above last closing price of AU$2.00. Stock is up 18% over the past year. The company is forecast to post earnings per share of AU$0.12 for next year compared to AU$0.044 last year. Announcement • Dec 02
Cobram Estate Olives Limited to Report First Half, 2025 Results on Feb 21, 2025 Cobram Estate Olives Limited announced that they will report first half, 2025 results on Feb 21, 2025 Announcement • Oct 10
Cobram Estate Olives Limited Announces Chief Financial Officer Changes Cobram Estate Olives Limited announced that Joint-CFO (USA) Trenton Gallagher has resigned from the Company, with his last day on 10 October 2024. The Company announced that Anabel Godino has been appointed Group CFO. Anabel previously held the position of Joint-CFO (Australia). Anabel will continue to report to Sam Beaton. Announcement • Oct 02
Cobram Estate Olives Limited, Annual General Meeting, Nov 01, 2024 Cobram Estate Olives Limited, Annual General Meeting, Nov 01, 2024. Location: at 151 broderick road, lara, victoria, Australia Reported Earnings • Aug 23
Full year 2024 earnings: Revenues exceed analyst expectations Full year 2024 results: Revenue: AU$274.9m (up 62% from FY 2023). Net income: AU$18.5m (up 140% from FY 2023). Profit margin: 6.7% (up from 4.6% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Food industry in Australia. Announcement • Aug 23
Cobram Estate Olives Limited Anticipates Fully Franked Dividend for the Year December 2024 The Board of Cobram Estate Olives Limited anticipates paying a fully franked dividend of 3.3 cents per share in December 2024. (FY2024: 3.3 cents per share paid in December 2023, 70% franked). Announcement • Jul 18
Cobram Estate Introduces New 'Artisan Collection' of Naturally Flavored, Low-Fodmap-Friendly Extra Virgin Olive Oil Cobram Estate announced the debut of the 'Artisan Collection,' a new line of naturally flavored 100% EVOO. The Artisan Collection combines Cobram Estate's California EVOO with the vibrant, natural flavors of Garlic, Lemon, Onion, Chili, and Truffle. This collection introduces a new level of Notably delicious flavor to the EVOO marketplace. The Artisan Collection is made with 100% natural flavors, making the products certified Low FODMAP by Monash University, the pioneers and world leaders in the Low FODMAP diet and irritable bowel syndrome (IBS) research. With gut health and anti-inflammatory diets becoming more prevalent, these Low FODMAP flavored EVOO products provide a unique new option for those with gut-related health sensitivities. In addition, the Cobram Estate Artisan Collection contains no preservatives, artificial flavors, or added colors and is Non-GMO Project Verified, Certified Kosher and vegan friendly. Also new for 2024, Cobram Estate has rolled out a fresh new design to their Everyday Essentials line. The Everyday Essentials are 100% CaliforniaEVOO and available in three flavor profiles: Mild, Classic and Robust. The updated label design incorporates new colors, inspired by the California landscape, to help consumers easily distinguish between the three unique flavor profiles. In addition, this enabled Cobram Estate to prominently feature the NON-GMO Project Verified stamp on the front, add cooking tips to the side panel, and create an elevated look to stand out on shelf. Both the Everyday Essentials and the new Artisan Collection are equipped with a proprietary pop-up pourer inside the cap - making it easy to dispense just the right amount of oil without the mess. Cobram Estate has become a global innovator in sustainable olive farming and a prominent force in the industry as one of California's leading producers of premium EVOO. Founding from Australia in 1998, the company established a presence in the Sacramento Valley in 2014. Embracing the fertile soil and Mediterranean climate, Cobram Estate uses a vertically integrated, Tree-to-Table®? business model produces some of the highest quality, single origin EVOO available. With more than 350 international awards for quality and taste, Cobram Estate is one of the world's most awarded EVOO companies. The Cobram Estate Everyday Essentials and Artisan Collection are available for purchase at CobramEstate.com and Amazon.com. Everyday Essentials can be found at most major retailers while the Artisan Collection is currently available in Northern California at Raleys, Bel Air, Nob Hill, Nugget Markets and Lunds and Byerly's in the Twin Cities area. Major Estimate Revision • Jul 02
Consensus EPS estimates increase by 35% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from AU$0.032 to AU$0.043. Revenue forecast steady at AU$268.9m. Net income forecast to grow 241% next year vs 29% growth forecast for Food industry in Australia. Consensus price target up from AU$1.90 to AU$1.95. Share price rose 2.1% to AU$1.69 over the past week. Announcement • Jun 13
Cobram Estate Olives Limited to Report Fiscal Year 2024 Results on Aug 23, 2024 Cobram Estate Olives Limited announced that they will report fiscal year 2024 results on Aug 23, 2024 Recent Insider Transactions • Mar 26
Non-Executive Director recently bought AU$181k worth of stock On the 22nd of March, David Wills bought around 100k shares on-market at roughly AU$1.81 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$222k more in shares than they have sold in the last 12 months. Major Estimate Revision • Feb 27
Consensus revenue estimates increase by 20% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from AU$220.7m to AU$265.4m. EPS estimate increased from AU$0.017 to AU$0.032 per share. Net income forecast to grow 222% next year vs 29% growth forecast for Food industry in Australia. Consensus price target up from AU$1.78 to AU$1.93. Share price was steady at AU$1.71 over the past week. Reported Earnings • Feb 22
First half 2024 earnings released First half 2024 results: Revenue: AU$116.3m (up 53% from 1H 2023). Net loss: AU$7.20m (loss narrowed 27% from 1H 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Food industry in Australia. Price Target Changed • Feb 21
Price target increased by 13% to AU$1.92 Up from AU$1.70, the current price target is an average from 4 analysts. New target price is 16% above last closing price of AU$1.65. Stock is up 25% over the past year. The company is forecast to post earnings per share of AU$0.016 for next year compared to AU$0.019 last year. Upcoming Dividend • Nov 16
Upcoming dividend of AU$0.033 per share at 2.3% yield Eligible shareholders must have bought the stock before 23 November 2023. Payment date: 13 December 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.3%. Lower than top quartile of Australian dividend payers (7.0%). Lower than average of industry peers (3.9%). Board Change • Nov 07
Less than half of directors are independent Following Non-Executive Director David Wills' arrival on 01 November 2023, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Non-Executive Independent Director Toni Brendish was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Nov 07
Consensus EPS estimates increase by 30% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from AU$0.017 to AU$0.022. Revenue forecast steady at AU$221.7m. Net income forecast to grow 22% next year vs 21% growth forecast for Food industry in Australia. Consensus price target of AU$1.69 unchanged from last update. Share price rose 3.6% to AU$1.31 over the past week. Announcement • Nov 04
Cobram Estate Olives Limited Announces Dividend for the Twelve Months Ended June 30, 2023, Payable on December 13, 2023 Cobram Estate Olives Limited announced dividend of AUD 0.03300000 for the twelve months ended June 30, 2023. Ex Date: November 23, 2023. Record Date: November 24, 2023. Payment Date: December 13, 2023. Announcement • Oct 23
Cobram Estate Olives Limited Announces Board Changes The Board of Cobram Estate Olives Limited announced the following changes to its Board of Directors. Tim Jonas has informed the Board of his intention to retire as a Director of CBO at the conclusion of the upcoming Annual General Meeting on 3 November 2023. Tim has been involved with CBO since its inception, both as an advisor and as an investor in the Company's first olive grove development. When the Company corporatized in 2005, he was appointed as a Non-Executive Director and has held the role since that time and also chaired the Audit and Risk Committee. Tim has made an enormous contribution to CBO over his 25-plus years of involvement with the Company. He has been a trusted advisor and mentor to the co-founders and executive directors, and his strategic input, sound judgment, and financial expertise have been invaluable to the Company. After conducting an extensive independent search, CBO announced the appointment of Mr. David Wills as a Non-Executive Director of the Company. David has more than 35 years of financial and professional experience in tax, corporate advisory, and private and family business, specializing in regulatory management, transactions, and dispute resolutions. During his career, he held various roles of Partner and Managing Partner at Arthur Anderson, Ernst & Young, and PwC. In 2017, David was appointed as the Managing Partner of PwC's worldwide private and family business practice, a global role he held until his retirement from the PwC partnership at the end of 2019. He holds an Executive MBA from Melbourne Business School and Bachelors of Economics and Law from the University of Sydney. David is currently a member of the Board of the Essendon Football Club where he is the Chair of the Audit, Risk, and Integrity Committee and is a member of the People and Remuneration Committee. He is also a Non-Executive Director of an early-stage company in the aerospace industry. David will commence as a Non-Executive Director of CBO at the close of Annual General Meeting on 3 November 2023. His extensive experience and expertise will be a valuable asset to CBO. In light of the recent unexpected death of serving Non-Executive Director, Professor Jonathan West, the Board will begin an external search to recruit an additional Non-Executive Director. Company goal is to use this appointment to continue the Board's composition evolution enhancing its balance and required skills. An update will be provided as soon as an appointment is made. Price Target Changed • Oct 19
Price target increased by 16% to AU$1.70 Up from AU$1.47, the current price target is an average from 3 analysts. New target price is 28% above last closing price of AU$1.34. Stock is down 15% over the past year. The company is forecast to post earnings per share of AU$0.017 for next year compared to AU$0.019 last year. Reported Earnings • Aug 25
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: AU$0.019 (up from AU$0.002 loss in FY 2022). Revenue: AU$216.3m (up 55% from FY 2022). Net income: AU$7.72m (up AU$8.42m from FY 2022). Profit margin: 3.6% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) missed analyst estimates by 69%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Food industry in Australia. Announcement • Aug 25
Cobram Estate Olives Limited Intends to Pay A Dividend in December 2023 Cobram Estate Olives Limited announced the Board's current intention is to pay a dividend of 3.3 cent per share in December 2023. Further details relating to this dividend will be announced at the Company's Annual General Meeting on 3 November 2023. Board Change • Aug 08
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non Executive Director Joanna McMillan was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jul 12
Cobram Estate Olives Limited to Report Q4, 2023 Results on Aug 25, 2023 Cobram Estate Olives Limited announced that they will report Q4, 2023 results on Aug 25, 2023 Price Target Changed • Mar 23
Price target decreased by 10% to AU$1.55 Down from AU$1.73, the current price target is an average from 4 analysts. New target price is 19% above last closing price of AU$1.30. Stock is down 25% over the past year. The company is forecast to post earnings per share of AU$0.08 next year compared to a net loss per share of AU$0.0017 last year. Recent Insider Transactions • Mar 07
Independent Non Executive Director recently bought AU$234k worth of stock On the 1st of March, Jonathan West bought around 180k shares on-market at roughly AU$1.30 per share. This transaction amounted to 3.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$384k more in shares than they have sold in the last 12 months. Reported Earnings • Feb 25
First half 2023 earnings released: AU$0.02 loss per share (vs AU$0.01 loss in 1H 2022) First half 2023 results: AU$0.02 loss per share (further deteriorated from AU$0.01 loss in 1H 2022). Revenue: AU$75.9m (up 8.1% from 1H 2022). Net loss: AU$9.90m (loss widened 91% from 1H 2022). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Food industry in Australia. Announcement • Feb 06
Cobram Estate Olives Limited to Report First Half, 2023 Results on Feb 24, 2023 Cobram Estate Olives Limited announced that they will report first half, 2023 results on Feb 24, 2023 Announcement • Jan 25
Cobram Estate Olives Limited Appoints Toni Brendish as Director Cobram Estate Olives Limited announced the appointment of Toni Brendish as director. Date of appointment is January 23, 2023. Recent Insider Transactions • Jan 18
Independent Non Executive Director recently bought AU$153k worth of stock On the 13th of January, Jonathan West bought around 108k shares on-market at roughly AU$1.42 per share. This transaction amounted to 1.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$190k more in shares than they have sold in the last 12 months. Announcement • Dec 20
Cobram Estate Olives Limited Appoints Toni Brendish as A Non-Executive Director Cobram Estate Olives Limited announced the appointment of Toni Brendish as a non-executive director of the company. Toni has more than 30 years' experience working in blue chip FMCG, healthcare, manufacturing, agriculture, and telecommunication companies in Asia, Australia, and New Zealand, including over 15 years in Chief Executive Officer /Managing Director roles. Toni most recently held the position of Chief Executive Officer of Westland Milk Products in the South Island of New Zealand. She has also worked for Kimberly-Clark and Colgate Palmolive, together with a number of other blue chip FMCG organisations. Toni is currently a non-executive director of ASX-listed natural fish oils manufacturer and nutrient ingredient business, Clover Corporation. She was recently appointed as a shareholder representative director on the board of Prolife Foods, a private New Zealand consumer foods business with brands including Mother Earth and Scoop and Weigh. Toni is also on the board advisory committee for dairy farming and milk producers, Aurora Dairies. Toni will commence as a Non-Executive Director of CBO on 23 January 2023. Toni's experience and leadership skills will be a valuable addition to CBO. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Non Executive Director Joanna McMillan was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Nov 10
Upcoming dividend of AU$0.033 per share Eligible shareholders must have bought the stock before 17 November 2022. Payment date: 07 December 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Australian dividend payers (6.9%). Lower than average of industry peers (3.3%). Announcement • Oct 29
Cobram Estate Olives Limited Announces Ordinary Dividend for Twelve Months Ended on 30 June 2022, Payable on 7 December 2022 Cobram Estate Olives Limited announced ordinary Dividend of AUD 0.03300000 for twelve months ended on 30 June 2022. Payable on 7 December 2022, record date is 18 November 2022 and ex dividend date is 17 November 2022. Reported Earnings • Aug 31
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: AU$0.002 loss per share (down from AU$0.088 profit in FY 2021). Revenue: AU$165.5m (up 18% from FY 2021). Net loss: AU$696.0k (down 102% from profit in FY 2021). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is forecast to grow 46%, compared to a 15% growth forecast for the Food industry in Australia. Valuation Update With 7 Day Price Move • Aug 30
Investor sentiment improved over the past week After last week's 17% share price gain to AU$1.67, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 16x in the Food industry in Australia. Total loss to shareholders of 15% over the past year. Simply Wall St's valuation model estimates the intrinsic value at AU$1.12 per share. Announcement • Aug 02
Cobram Estate Olives Limited to Report Q4, 2022 Results on Aug 26, 2022 Cobram Estate Olives Limited announced that they will report Q4, 2022 results at 10:00 AM, AUS Eastern Standard Time on Aug 26, 2022 Major Estimate Revision • Jul 27
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from AU$0.01 to AU$0.01 per share. Revenue forecast steady at AU$165.3m. Net income forecast to shrink 33% next year vs 9.8% decline forecast for Food industry in Australia. Consensus price target down from AU$2.11 to AU$2.05. Share price fell 7.7% to AU$1.38 over the past week. Announcement • Jun 30
Cobram Estate Olives Announces Completion of 2022 Australian Olive Harvest Cobram Estate Olives Limited completed its 2022 Australian olive harvest this week. Yielding 9.5 million litres of olive oil, the 2022 Australian crop exceeded the Company's internal budget by approximately 15% and is 53% higher than the previous lower-yielding crop year in 2020 (2020: 6.2 million litres). The increase in output reflects the combined effect of an increase in olive oil yield as the groves continue to mature; improved management practices; and a mostly favourablegrowing season. The additional profit generated by the larger than expected 2022 Australian olive oil crop is likely to offset cost pressures being experienced across the group, particularly in the USA. Independent evaluations of baseline carbon position across entire Australian operations confirm that not only the Company is neutral in terms of carbon emissions but also is able to remove approximately 4kg of CO2 for every litre of oil produced and sold. The 2022 harvest of 9.5 million litres of olive oil was a strong improvement on the previous lower-yielding year in 2020 (2020: 6.2 million litres) and exceeded the Company's budget by approximately 15%. The substantial increase in yield versus 2020 (our last lower-yielding crop year) reflects several factors including: The age profile of the Company's Australian olive groves, with the groves increasing yield as they progress towards maturity; The Company's program of continual improvement in both olive growing and milling driving higher average yields of its mature orchards across all three farms; The favourable growing conditions experienced during the season; and The positive impact of the Company's investment in risk mitigants, including the significant investment in frost fans in recent years. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 6 highly experienced directors. Independent Non Executive Director Joanna McMillan was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 02
Cobram Estate Olives Limited Announces Executive Changes Joint-CEOs of Cobram Estate Olives Limited, Sam Beaton and Leandro Ravetti, announced a change in the Company's USA Chief Financial Officer (CFO), and the appointment of a USA Chief Operations Officer (COO). During the past six months, the Company has finalised plans to adapt its USA team to the needs of this growing business division. The Company's focus is on building an experienced management team with the skills and expertise required to drive its USA growth strategy. As a result, several changes have been made to the current structure, headlined by a change in the CFO of the Company's USA business, and the appointment of a COO for its USA business. Trenton Gallagher has been appointed as the Company's Chief Financial Officer of USA operations. Trenton will start in this role on the 28th of March 2022. Trenton has over 15 years' experience working in senior finance and corporate roles in the USA and Canada. Trenton possesses a strong background in strategic and commercial finance, financial modelling, and capital management, together with substantial experience in fast moving consumer goods, having worked in retail (Safeway Limited, Canada) and with several wine companies, most recently Napa Valley-based Crimson Wine Company. He is also experienced working with Australian business divisions, having spent over ten years working for Treasury Wine Estates, Americas. Trenton will report to Company CFO and Company Secretary, Russell Dmytrenko. Trenton replaces Michael Gonzales as Chief Financial Officer, USA, who finished with the Company today. CBO's Board of Directors would like to thank Michael for his contribution to the Company and wish him all the best for his future endeavors. Conor Churchin, the Company's General Manager of olive oil production (Australia and USA) for the past five years, has relocated to the USA and accepted the position of Chief Operations Officer, USA, reporting to joint-CEO, Leandro Ravetti. Conor has been travelling to the USA each year to supervise olive processing and will now be responsible for coordination and supervision of all production operations including farming, milling, bottling, and logistics. The operations team under Conor has been boosted by the addition and/or promotion of very experienced staff from Argentina, Australia, and the USA, providing the depth of talent required to successfully execute growth plans over the coming seasons. Major Estimate Revision • Feb 28
Consensus EPS estimates fall by 40% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from AU$188.7m to AU$170.8m. EPS estimate also fell from AU$0.01 per share to AU$0.01 per share. Net income forecast to shrink 31% next year vs 8.9% growth forecast for Food industry in Australia . Consensus price target down from AU$2.28 to AU$2.15. Share price fell 8.6% to AU$1.55 over the past week. Reported Earnings • Feb 24
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: AU$0.01 loss per share (up from AU$0.02 loss in 1H 2021). Revenue: AU$70.3m (down 3.0% from 1H 2021). Net loss: AU$5.19m (loss narrowed 21% from 1H 2021). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 54%, compared to a 19% growth forecast for the industry in Australia. Announcement • Feb 21
Cobram Estate Olives Limited Provides Group Earnings Guidance for the Fiscal Year 2022 Cobram Estate Olives Limited provided group earnings guidance for the fiscal year 2022. For the year, the company expects modest increase in group year-on-year sales, supported by growing consumer demand for high quality extra virgin olive oil. Recent Insider Transactions Derivative • Dec 16
Independent Non Executive Director exercised options to buy AU$473k worth of stock. On the 14th of December, Jonathan West exercised options to buy 231k shares at a strike price of around AU$1.42, costing a total of AU$327k. This transaction amounted to 4.2% of their direct individual holding at the time of the trade. Since June 2021, Jonathan has owned 5.47m shares directly. This was the only transaction from an insider over the last 12 months. Board Change • Dec 08
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 6 highly experienced directors. Independent Non Executive Director Joanna McMillan was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 
