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Australian dairy and food company making cheese and spreads, and owner of the Vegemite brand.
Australian dairy and food company making cheese and spreads, and owner of the Vegemite brand.
Buys raw milk from farmers and sells the output as branded retail products and as bulk ingredients, so the price paid to farmers is a key cost it must manage against selling prices. It bought Vegemite and other grocery brands from Mondelez in 2017.
In one line: Australia's dairy/spreads company, owner of an iconic national brand.
Moat: narrow (brand, scale). Vegemite is an iconic, hard-to-replicate national brand; cheese processing scale adds cost advantages.
Headquarters: Bega, Australia · Founded: 1899
Size Bega Cheese (BGA.AX) is an Australia Consumer Staples company (Food: Meat/Fish/Dairy) with a market value of $1.36B, the 152nd largest of 316 Australia companies the cockpit tracks. Shares closed at A$6.43 on 6 Nov 2026.
Performance Over six months the shares gained 23.4%, against -7.0% for the median peer and +4.1% for the Australia market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 6.7% over the last twelve months (peer median +1.7%); the operating margin is 2.6% (peer median 2.3%).
Valuation It trades at 24.9× forward earnings against a peer median of 25.3× (7th cheapest of 13).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is +6 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.1 points below its cost of capital (8.2% WACC).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$3.77B | A$3.77B | A$3.54B | A$3.52B | A$3.38B |
| Revenue growth | — | +7% | 0% | +4% | — |
| Gross profit | A$786M | A$786M | A$730M | A$698M | A$656M |
| EBITDA | A$190M | A$190M | A$149M | A$128M | A$110M |
| Net income | A$54.8M | A$54.8M | -A$8.50M | A$30.5M | -A$230M |
| Free cash flow | A$24.1M | A$24.1M | A$76.8M | A$71.3M | -A$52.8M |
| Capital expenditure | A$114M | A$114M | A$94.4M | A$74.6M | A$68.1M |
| Total debt | n/a | A$468M | A$440M | A$419M | A$467M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bega Cheese BGA.AX | $1.36B | +23% | +7% | 3% | 24.9× | 18.4% |
| Saputo SAP.TO | $12.4B | +7% | -5% | 6% | 21.2× | -1.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BGA.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.8% | +1.1% | 10th lowest of 21 |
| 6-month return | +23.4% | -7.0% | 7th highest of 21 |
| Distance from 52-week high | -6.7% | -23.3% | 6th highest of 21 |
| Revenue growth (TTM) | +6.7% | +1.7% | 5th highest of 20 |
| Operating margin | 2.6% | 2.3% | 10th highest of 21 |
| Forward P/E | 24.9× | 25.3× | 7th cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | 18.4% | 5.2% | 4th most demanding of 11 |
| Growth delivered (Del g) | +12.7% | +6.0% | 3rd highest of 11 |
| Hurdle (Req g minus delivered) | +5.6 pp | -2.3 pp | 5th most demanding of 11 |
| ROIC minus cost of capital | -3.1 pp | -1.9 pp | 9th lowest of 21 |
| EV / EBITDA | 12.1× | 7.7× | 2nd most expensive of 9 |
| Net debt / EBITDA | 1.8× | 2.2× | 5th least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bega Cheese BGA.AX | Australia | $1.36B | +23% | +7% | 3% | 24.9× | 18.4% | +12.7% |
| MEGMILK SNOW BRAND 2270.T | Japan | $1.36B | +12% | 0% | 3% | 7.5× | n/a | n/a |
| Scandi Standard SCST.ST | Sweden | $1.35B | +38% | +8% | 5% | 27.2× | 1.8% | +7.2% |
| Bright Dairy & Food 600597.SS | China | $1.43B | -6% | -3% | 0% | 30.6× | 18.8% | -1.1% |
| Zhejiang Yiming Food 605179.SS | China | $1.27B | +22% | 0% | 2% | n/a | n/a | n/a |
| Fraser & Neave F99.SI | Singapore | $1.53B | -8% | -3% | 10% | n/a | 0.1% | +4.8% |
| Itoham Yonekyu 2296.T | Japan | $1.53B | -13% | +3% | 3% | 13.2× | n/a | n/a |
| Shanghai Milkground Food Tech 600882.SS | China | $1.55B | -1% | +26% | 4% | 32.0× | 11.1% | +14.7% |
| Shandong Oriental Ocean Sci-Tech 002086.SZ | China | $1.17B | +94% | +6% | -35% | n/a | n/a | n/a |
| NewPrinces NWL.MI | Italy | $1.16B | +40% | +81% | 1% | n/a | 0.6% | +44.5% |
| Umios 1333.T | Japan | $1.14B | -10% | +3% | 3% | n/a | n/a | n/a |
| Jinzi Ham 002515.SZ | China | $1.06B | -15% | -2% | -11% | 277.0× | n/a | n/a |
| HUANLEJIA Food 300997.SZ | China | $1.06B | -17% | +4% | 7% | 54.7× | n/a | n/a |
| Austevoll Seafood AUSS.OL | Norway | $1.79B | -8% | -1% | 7% | 11.4× | 2.5% | +11.9% |
| Beijing Sanyuan Foods 600429.SS | China | $973M | -29% | 0% | -1% | 23.4× | 24.8% | -2.8% |
| Zhejiang Huatong Meat Products 002840.SZ | China | $957M | -37% | -16% | -10% | n/a | n/a | n/a |
| Kwality Walls (India) KWIL.NS | India | $950M | +32% | n/a | -13% | n/a | n/a | n/a |
| Bell Food BELL.SW | Switzerland | $1.98B | +42% | +2% | 3% | 10.9× | 2.9% | +4.0% |
| Hunan New Wellful 600975.SS | China | $902M | -14% | -14% | -33% | n/a | n/a | n/a |
| Ezaki Glico 2206.T | Japan | $2.07B | -11% | +10% | 3% | 35.7× | 7.5% | +1.0% |
| Hilton Food HFG.L | United Kingdom | $889M | +39% | +7% | 1% | 14.1× | 18.5% | +8.7% |