Bega Cheese Limited BGCHY

Consumer StaplesFood & TobaccoAustralia

Last close 15.00 USD on Nov 3, 2026, −16.6% year to date

Quant rating

Quant rating D Rank 138 of 174 in Consumer Staples

Growth B 33 of 174
Valuation D 154 of 174
Quality D 135 of 174
Revisions C 76 of 174
Momentum D 156 of 174

Wall Street consensus Buy (2.30)Average target 5.04 USD −66.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.3B
Enterprise value: 1.6B
52-week range: 15.00 – 17.99
3-year range: 15.00 – 17.99
Dividend yield: 2.66%
Beta (5 years): –
Shares outstanding: 306M
Next earnings: Feb 16, 2027

About the company

Bega Cheese Limited is an Australia-based company, which is engaged in receiving, processing, manufacturing, and distributing dairy and other food-related products. The Company operates in two segments: Branded, and Bulk. The Branded segment is engaged in the manufacture of value-added consumer products for owned and externally owned brands. The Bulk segment is engaged in the manufacturing of bulk dairy ingredients, nutritional and bio-nutrient products. The Company's products include cheese, spreads, groceries, and bio nutrients. The Cheese products include Bega Junior, Bega Cheddar Cheese Flavor Stringers, Bega Swiss Cheese Stringers, Bega Original Stringers, Bega Strong & Bitey, Bega Extra Tasty and Bega Super Slices. Its Spreads products include Bega Simply Nuts, B honey, Bega Peanut Butter and Vegemite. Its grocery products include ZoOSh Dips, ZoOSh Mayonnaise and ZoOSh Dressings.

Growth and profitability fiscal year ends June 30

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	2,612	2,329	2,348	2,250	2,077	–
Revenue growth	12.2%	−0.8%	4.3%	8.3%	33.6%	10.9%
EPS (basic, normalized)	0.16	0.11	0.06	0.06	0.10	–
EPS growth	51.7%	64.0%	7.0%	−42.4%	–	–
Gross margin	20.8%	20.6%	19.8%	19.4%	22.9%	20.7%
Net margin	1.5%	−0.2%	0.9%	−6.8%	0.8%	−0.8%
ROE	5.5%	−0.9%	3.0%	−20.3%	1.9%	−2.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	2,612	+12.2%	0.6x	160	+22.4%	9.8x	0.16	+51.7%	93.3x
2027	2,760	+5.7%	0.6x	169	+5.4%	9.3x	0.18	+11.1%	84.0x
2028	2,881	+4.4%	0.5x	185	+9.5%	8.5x	0.21	+16.5%	72.1x
2029	2,999	+4.1%	0.5x	196	+6.1%	8.0x	0.23	+11.6%	64.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	2,760	+1.1%	+1.7%	+1.8%	0.18	−0.5%	+0.2%	+0.8%
2028	2,881	+1.1%	+2.1%	+2.2%	0.21	−0.4%	+0.3%	+0.8%
2029	2,999	+1.2%	+1.8%	+2.2%	0.23	−0.4%	−9.2%	−10.0%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Food & Tobacco

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BGCHY Bega Cheese Limited	1.3B	–	1.5%	1.93x	84.0x	72.1x	9.3x	8.5x
AGRO Adecoagro S.A.	1.4B	7.84x	−0.6%	0.79x	6.2x	7.3x	5.0x	4.9x
JWEL Jamieson Wellness Inc.	1.4B	3.09x	7.6%	3.71x	21.2x	18.3x	13.3x	11.9x
TPB Turning Point Brands, Inc.	1.3B	0.42x	12.6%	3.14x	37.8x	27.8x	18.3x	14.6x
HUIHY Huabao International Holdings Limited	1.3B	–	−11.2%	0.77x	1,354.0x	955.8x	5.1x	4.3x
DMC Del Monte Corporation	1.3B	1.64x	2.1%	0.64x	12.0x	9.9x	7.5x	6.6x
Mean		3.25x	2.0%	1.83x	252.5x	181.9x	9.8x	8.5x
Median		2.37x	1.8%	1.36x	29.5x	23.0x	8.4x	7.6x

Technical analysis

1M–
3M–
1Y−16.6%
3Y−16.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Bega Cheese Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	2,612	2,329	2,348	2,250	2,077	1,555
Cost of revenue	2,068	1,848	1,882	1,813	1,601	1,206
Gross profit	543	480	466	438	476	349
Selling, general & administrative expenses	477	442	439	432	425	300
Research & development	–	–	–	–	–	–
Interest expense (income), operating	19.9	20.0	20.7	13.7	4.8	4.1
Unusual expense (income)	1.9	29.8	−9.3	172	30.0	48.3
Other operating expenses	−6.7	−7.2	−11.1	−9.2	−7.7	−78.4
Operating income	51.7	−4.4	26.5	−171	23.3	74.4
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	51.7	−4.4	26.5	−171	23.3	74.4
Provision for taxes	13.8	1.2	6.2	−17.9	6.6	15.9
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	37.9	−5.6	20.3	−153	16.7	58.5
Extraordinary items	–	–	–	–	–	–
Net income	37.9	−5.6	20.3	−153	16.7	58.5
EBIT, normalized	82.1	69.7	42.4	27.5	58.2	128
EBITDA, normalized	147	129	101	95.5	130	183
Basic EPS, normalized	0.16	0.11	0.06	0.06	0.10	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Bega Cheese Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	92.3	79.6	43.7	44.3	31.0	65.4
Receivables	166	139	244	214	201	271
Total inventory	302	241	239	286	219	259
Prepaid expenses	8.6	7.6	7.7	7.8	7.5	–
Other current assets	5.6	12.8	13.8	2.8	45.1	29.2
Total current assets	575	480	548	555	504	625
Property, plant & equipment	572	531	549	566	658	761
Goodwill	166	158	160	153	240	260
Intangibles	156	153	158	157	166	182
Long-term investments	2.2	2.1	–	0	32.8	34.9
Note receivable	–	–	–	–	–	–
Other long-term assets	22.2	19.3	10.9	5.2	26.8	17.1
Total assets	1,493	1,343	1,426	1,435	1,628	1,880
Liabilities
Accounts payable	255	196	267	200	184	237
Payable/accrued	–	–	–	–	–	–
Accrued expenses	191	163	168	140	126	121
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	13.4	12.6	15.9	11.5	14.5	19.1
Other current liabilities	17.0	33.6	21.1	101	93.7	137
Total current liabilities	476	405	472	452	418	514
Long-term debt	310	277	263	300	277	353
Minority interest	–	–	–	–	–	–
Other liabilities	16.8	16.2	14.3	13.9	61.1	62.7
Total liabilities	803	698	749	766	757	930
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	613	581	588	587	606	657
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	77.1	62.8	88.3	81.9	265	295
Treasury stock	–	–	–	–	–	–
Other equity	−0.4	0.7	0.1	−0.1	0.4	−1.7
Total equity	690	645	677	669	871	950
Total liabilities & shareholders' equity	1,493	1,343	1,426	1,435	1,628	1,880

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Bega Cheese Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	–	–	–	–	–	–
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	–	–	–
Changes in working capital	−3.2	−2.4	5.9	25.1	13.1	−9.4
Cash from operations	89.5	109	89.5	5.5	109	83.5
Investing activities
Capital expenditures	−78.7	−62.1	−49.7	−45.4	−49.5	−24.1
Other investing cash flows	12.5	11.9	14.9	112	5.5	−386
Cash from investing	−66.2	−50.2	−34.9	66.6	−44.0	−410
Financing activities
Financing cash flow items	−1.1	–	–	–	–	–
Cash dividends paid	−25.8	−18.7	−12.9	−17.9	−19.8	−17.5
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	12.3	−3.3	−42.3	−39.9	−74.5	392
Cash from financing	−14.6	−22.0	−55.2	−57.7	−94.3	375
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	8.6	36.4	−0.5	14.3	−29.2	48.2
Free cash flow	10.7	46.5	39.8	−39.9	59.6	59.4

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.