Bega Cheese Past Earnings Performance

Past criteria checks 1/6

Bega Cheese's earnings have been declining at an average annual rate of -51.2%, while the Food industry saw earnings declining at 6.1% annually. Revenues have been growing at an average rate of 21.2% per year. Bega Cheese's return on equity is 3%, and it has net margins of 0.9%.

Key information

-51.2%

Earnings growth rate

-51.0%

EPS growth rate

Food Industry Growth	5.9%
Revenue growth rate	21.2%
Return on equity	3.0%
Net Margin	0.9%
Next Earnings Update	20 Feb 2025

Recent past performance updates

Recent updates

Revenue & Expenses Breakdown

How Bega Cheese makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

CHIA:BGA Revenue, expenses and earnings (AUD Millions)
Date	Revenue	Earnings	G+A Expenses
30 Jun 24	3,522	31	658
31 Mar 24	3,475	-90	649
24 Dec 23	3,429	-211	639
24 Sep 23	3,402	-220	644
30 Jun 23	3,376	-230	648
31 Mar 23	3,277	-113	649
25 Dec 22	3,178	4	650
25 Sep 22	3,094	14	633
30 Jun 22	3,010	24	616
31 Mar 22	2,941	54	607
26 Dec 21	2,873	84	598
26 Sep 21	2,473	81	499
30 Jun 21	2,073	78	401
31 Mar 21	1,767	56	328
27 Dec 20	1,460	34	255
27 Sep 20	1,476	28	257
30 Jun 20	1,493	21	260
31 Mar 20	1,503	15	258
29 Dec 19	1,512	8	255
29 Sep 19	1,466	6	247
30 Jun 19	1,420	4	238
31 Mar 19	1,354	9	226
30 Dec 18	1,288	13	215
30 Sep 18	1,270	21	211
30 Jun 18	1,252	29	206
31 Mar 18	1,236	86	185
31 Dec 17	1,219	144	164
30 Sep 17	1,223	141	144
30 Jun 17	1,227	139	124
31 Mar 17	1,241	84	124
25 Dec 16	1,256	30	123
25 Sep 16	1,226	29	120
30 Jun 16	1,196	29	118
31 Mar 16	1,159	25	106
27 Dec 15	1,122	21	95
27 Sep 15	1,117	17	102
30 Jun 15	1,113	12	109
31 Mar 15	1,112	33	110
28 Dec 14	1,111	53	111
28 Sep 14	1,090	60	107
30 Jun 14	1,069	66	104
31 Mar 14	1,047	47	101
29 Dec 13	1,025	28	98

Quality Earnings: BGA has a large one-off gain of A$17.6M impacting its last 12 months of financial results to 30th June, 2024.

Growing Profit Margin: BGA became profitable in the past.

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: BGA's earnings have declined by 51.2% per year over the past 5 years.

Accelerating Growth: BGA has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: BGA has become profitable in the last year, making it difficult to compare its past year earnings growth to the Food industry (-0.5%).

Return on Equity

High ROE: BGA's Return on Equity (3%) is considered low.

Return on Assets

Return on Capital Employed

Discover strong past performing companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/12/21 11:25
End of Day Share Price	2024/12/20 00:00
Earnings	2024/06/30
Annual Earnings	2024/06/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Bega Cheese Limited is covered by 18 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Russell Wright	Barclay Pearce Capital Pty Limited
Josh Kannourakis	Barrenjoey Markets Pty Limited
Jonathan Snape	Bell Potter

Bega Cheese Past Earnings Performance

Past criteria checks 1/6

Key information

Recent past performance updates

Full year 2024 earnings released: EPS: AU$0.10 (vs AU$0.76 loss in FY 2023)

First half 2024 earnings released: EPS: AU$0.087 (vs AU$0.024 in 1H 2023)

First half 2023 earnings released: EPS: AU$0.024 (vs AU$0.093 in 1H 2022)

Full year 2022 earnings released: EPS: AU$0.08 (vs AU$0.29 in FY 2021)

First half 2022 earnings: EPS in line with expectations, revenues disappoint

Full year 2021 earnings released: EPS AU$0.27 (vs AU$0.099 in FY 2020)

Recent updates

Bega Cheese Limited, Annual General Meeting, Oct 30, 2024

Non-Executive Director recently sold AU$179k worth of stock

Investor sentiment improves as stock rises 17%

Final dividend of AU$0.04 announced

New minor risk - Earnings quality

Full year 2024 earnings released: EPS: AU$0.10 (vs AU$0.76 loss in FY 2023)

Now 20% undervalued

Non-Executive Director recently sold AU$209k worth of stock

First half dividend of AU$0.04 announced

First half 2024 earnings released: EPS: AU$0.087 (vs AU$0.024 in 1H 2023)

Bega Cheese Limited (ASX:BGA) completed the acquisition of Businesses and certain assets of Betta Milk and Meander Valley Dairy from TasFoods Limited (ASX:TFL) and The Van Diemen's Land Company.

Insufficient new directors

Bega Cheese Limited, Annual General Meeting, Oct 24, 2023

Bega Cheese Limited (ASX:BGA) entered into an agreement to acquire Businesses and certain assets of Betta Milk and Meander Valley Dairy from TasFoods Limited (ASX:TFL) for AUD 11 million.

Bega Cheese Limited Declares Final Fully Franked Dividend, Payable on 21 September 2023

New major risk - Dividend sustainability

Charter Hall Group (ASX:CHC) agreed to acquire 1 Vegemite Way, Port Melbourne site of Bega Group from Bega Cheese Limited (ASX:BGA) for approximately AUD 120 million.

Charter Hall Group (ASX:CHC) agreed to acquire 1 Vegemite Way, Port Melbourne site of Bega Group from Bega Cheese Limited (ASX:BGA) for approximately AUD 120 million.

Now 20% undervalued

Now 21% undervalued

Now 23% undervalued after recent price drop

First half 2023 earnings released: EPS: AU$0.024 (vs AU$0.093 in 1H 2022)

Bega Group Announces CEO Changes

Bega Cheese Limited Announces CEO Changes

Bega Cheese Limited Names Gunther Burghardt as Chief Financial Officer

Bega Cheese Limited, Annual General Meeting, Oct 26, 2022

Full year 2022 earnings released: EPS: AU$0.08 (vs AU$0.29 in FY 2021)

Bega Cheese Limited Declares Fully Franked Ordinary Distribution for the Six Months Ended June 30, 2022, Payable on September 23, 2022

Insider recently bought AU$15m worth of stock

Bega Cheese Appoints Pete Findlay as Chief Operating Officer

Insider recently bought AU$15m worth of stock

Insider recently bought AU$35m worth of stock

First half 2022 earnings: EPS in line with expectations, revenues disappoint

Bega Cheese Limited Announces Fully Franked Dividend for Six Months Ended December 26, 2021, Payable on March 24, 2022

Now 20% undervalued after recent price drop

Now 20% undervalued after recent price drop

Insider recently bought AU$108m worth of stock

Non-Executive Director recently bought AU$55k worth of stock

Full year 2021 earnings released: EPS AU$0.27 (vs AU$0.099 in FY 2020)

First half 2021 earnings released: EPS AU$0.096 (vs AU$0.04 in 1H 2020)

Bega Cheese Limited Announces Fonterra Legal Proceedings

New 90-day high: AU$5.90

New 90-day high: AU$5.55

Bega Cheese Limited (ASX:BGA) completed the acquisition of Lion-Dairy & Drinks Pty Ltd from Kirin Foods Australia Holdings Pty Ltd.

Bega Cheese Limited (ASX:BGA) entered into share purchase agreement to acquire Lion-Dairy & Drinks Pty Ltd from Kirin Foods Australia Holdings Pty Ltd for approximately AUD 530 million.

The High Court of Australia Dismisses Kraft Heinz's Application for Special Leave in the Legal Proceedings Against Bega Cheese Limited

An unknown buyer acquired Coburg Facility from Bega Cheese Limited (ASX:BGA) for AUD 5 million.

The Bega Co-Operative Society Limited completed the acquisition of a 70% stake in Tatura Milk Industries Limited.

New 90-day high - AU$5.25

Earnings released