Bega Cheese Ltd
ASX: BGA · Consumer Defensive · Packaged Foods
- Market cap
- A$1.8B
- P/E (trailing)
- n/m (loss)
- EPS (FY25)
- −$0.03
- Dividend / share
- $0.09
- 52-week range
- –
- Intrinsic value
- A$2.87
Share price
ASX: BGA · AUD
Valuation
Full valuation analysis →Fair-value estimate per share, updated 26 Jul 2026
A$2.87 Our discounted cash flow estimate
Well above fair value Trading at 2.1× the estimate. The market is pricing growth or risk that historical figures don't capture.
- Discounted cash flow
- A$2.87
- EPS growth model
- Not available
- P/E multiple
- Not available
See how each estimate is built and why the missing models bailed →
Revenue
As reported · financial years
Earnings per share
Diluted · as reported
Profit margins
Gross, operating and net margin by financial year
Loss-making Net margin of -0.2% in FY25: costs exceeded revenue this year.
Shares outstanding
Diluted · falling means buybacks, rising means dilution
Stable -0.4% year-on-year, +7.2% a year over 10 years: a gradual share increase over time.
Working-capital days
Days of revenue sitting in receivables (DSO) and days of cost sitting in inventory (DIO)
Faster collections DSO of 20 days vs a 44-day norm: cash is being collected sooner than the historical norm.
Financial health
Latest financial year (FY25)
- Return on equity
- -0.9%
- Negative
- Current ratio
- 1.19
- Adequate
- Debt to equity
- 0.45
- Moderate
- Interest coverage
- 0.8×
- Stressed
Verdicts are graded against what's normal for the sector (Consumer Defensive), not a one-size-fits-all bar. Hover a tile for the reasoning.
Dividends per share
Full dividend history →Per financial year, as reported in the accounts
Paying despite a loss FY25's dividend: the dividend wasn't covered by earnings, funded from reserves or debt.
Free cash flow
Cash from operations minus capital spending: what the DCF model projects from
Excellent 196% of FY24 net profit became free cash: free cash flow exceeds reported profit.
Net debt
Borrowings and leases minus cash: the line shows how many years of operating profit (EBIT) would clear it
High leverage Net debt of $318.7M is 11.8× FY25 operating profit: it would take years of operating profit to clear the net debt.
Five-year snapshot
Figures as reported in the company's filings
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $2.1B | $3.0B | $3.4B | $3.5B | $3.6B |
| Net profit | $72.2M | $24.2M | $-229.9M | $30.5M | $-8.5M |
| EPS (diluted) | $0.29 | $0.08 | $-0.75 | $0.10 | $-0.03 |
| Dividend / share | $0.09 | $0.09 | $0.09 | $0.06 | $0.09 |
| Net margin | 3.5% | 0.8% | -6.8% | 0.9% | -0.2% |
What does Bega Cheese (BGA) do?
Bega Cheese traces its roots to 1899 and remains headquartered in Bega, Australia, the town after which it is named. The group sources milk and other raw ingredients that it turns into packaged foods sold under its own labels and for other companies, organising this work into a Branded arm and a Bulk arm. On the branded side, cheese lines sit alongside spreads such as Vegemite, butter and cream cheese under the Farmer's Table name, and condiments marketed as ZoOSh.
A separate Bulk arm supplies dairy ingredients in large volumes together with nutritional and bio-nutrient components aimed at health and wellness customers, and the company also runs contract packaging work, producing private-label and supermarket own-brand goods and supplying ingredients to quick-service restaurant chains and fellow dairy processors. Its goods reach roughly 40 overseas markets spanning Asia, the Americas and Pacific island nations. Pete Findlay leads the business, which has listed on the ASX since 2011 and employs about 3,900 people full-time.
Common questions about BGA
Is BGA undervalued right now? +–
Our discounted cash flow estimate puts Bega Cheese Ltd's fair value at A$2.87 per share against a price of A$6.03, 110.1% above the estimate as at 26 Jul 2026. Model estimates are a starting point, not advice. See the full valuation breakdown.
Does BGA pay a dividend? +–
Bega Cheese Ltd paid $0.09 per share in its most recent financial year with a recorded dividend. The dividend history chart above shows the full payout record.
How fast is BGA growing? +–
Revenue has compounded at 18.9% a year over the last five financial years, and 12.3% a year over ten.
What is BGA's P/E ratio? +–
Bega Cheese Ltd doesn't have a meaningful trailing P/E ratio right now. It reported a loss in FY25 (diluted EPS −$0.03 per share), and dividing a share price by negative earnings produces a figure with no useful meaning.
Compare BGA with peers
How has Bega Cheese (BGA) performed financially and what does its valuation model suggest?
Bega Cheese, an Australian packaged foods company in the Consumer Defensive sector, saw revenue grow from $1.2B in FY2016 to $3.6B in FY2025, nearly tripling over the decade of reported results. The steepest increases came in FY2021 (up 38.9% to $2.1B) and FY2022 (up 45.2% to $3.0B), after which growth slowed sharply to 12.2% in FY2023, 4.3% in FY2024 and just 0.8% in FY2025. Earnings have been far less consistent: net income ranged from a peak of $138.7M in FY2017 to losses of $229.9M in FY2023 and $8.5M in FY2025.
Margins tell a similarly uneven story. Gross margin improved from 12.8% in FY2016 to 20.9% in FY2025, peaking at 22.9% in FY2022, while operating margin has swung between a high of 6.1% in FY2018 and a low of 0.2% in FY2023. Net margin turned negative in FY2023 (-6.8%) and again in FY2025 (-0.2%), after a positive 0.9% in FY2024. Diluted earnings per share have followed the same pattern, from $0.19 in FY2016 to -$0.0279 in FY2025, with basic shares outstanding growing from 152.6 million to 305.0 million over the period.
Bega Cheese shares closed at $5.94 on 3 July 2026. The company's DCF valuation model, dated 5 July 2026, places fair value at $2.87 per share, about 51.7% below that closing price. This gap between the model's estimate and the recent trading price comes after a decade in which reported profitability has swung between meaningful profits and net losses, most recently a loss in FY2025.
AI-assisted analysis generated from Craytheon's verified financial data · Updated 6 Jul 2026 · How this works
Data is general information only, not financial advice. Figures are as reported in company filings (some ASX companies report in USD); share prices are AUD.