Bega Cheese operates the processing, manufacturing, and distribution of dairy and grocery products but it’s another example of how the sectors struggled over recent years with the stock down around 50% from its 2021 high. Bega recently delivered 1H23 EBITDA of A$75mn slightly lower than consensus primarily due to margins contracting to their lowest in the company’s history, not a great record to break.
- We can see BGA squeezing up towards $4 but there was nothing in its recent earnings report to attract us to the stock.
MM is neutral on BGA around $3.50
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