The a2 Milk Company Limited (A2M.AX)
Consumer Defensive · ASX · Australia
Fundamentals
Valuation and ratings
The a2 Milk Company Limited trades at AUD6.95, which is 59% above the AUD2.82 our discounted cash flow model puts on the business. On that measure it screens as expensive, which is not the same as saying it will fall.
Our moat model scores it 58 out of 100, which is a moat, but not a deep one. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 28.2 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
A2M.AX dividend history
Dividends per share by year
| Year | Total per share | Payments |
|---|---|---|
| 2026 (year to date) | AUD0.375 | 2 |
| 2025 | AUD0.152 | 2 |
Split-adjusted amounts in the listing currency, grouped by the calendar year of the ex-dividend date, from the filed record. Growth and streak figures compare complete years only.
A2M.AX earnings and analyst estimates
Recommendation mix, 10 analyst ratings
Estimates are the published analyst consensus and move often. An earnings date is scheduled, not certain, and a share tends to reprice most violently on the day itself.
About The a2 Milk Company Limited
The a2 Milk Company Limited, together with its subsidiaries, sells A2-type protein type branded milk and related products in Australia, New Zealand, China, rest of Asia, and the United States. The company offers infant milk formula; other nutritional products and milk; manufactures and sells nutritional and ingredients products, as well as provides rent, royalty, and licensing services. It offers its products under the a2 Milk and a2 Platinum brands. The company was formerly known as A2 Corporation Limited and changed its name to The a2 Milk Company Limited in April 2014. The a2 Milk Company Limited was incorporated in 2000 and is based in Auckland, New Zealand.
A2M.AX passes 4 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
Common questions
Is The a2 Milk Company Limited (A2M.AX) undervalued?
Against our discounted cash flow estimate of AUD2.82, A2M.AX at AUD6.95 is 59% above fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.
What is A2M.AX's P/E ratio?
A2M.AX trades at 28.2 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
Does The a2 Milk Company Limited (A2M.AX) pay a dividend?
Yes. The a2 Milk Company Limited yields 2.42% at the current share price. It has paid AUD0.462 per share over the trailing twelve months. A dividend is declared by the board and can be cut at any time; a yield is a fact about the current price, not a promise.
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Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.