We Expect Market Share Gains in Chinese Infant Formula to Drive Solid Long-Term Growth for a2 Milk
The A2 Milk Company is set to enjoy high growth and stellar returns on invested capital, supporting our NZD 14.60 (AUD 13.30) per share fair value estimate and narrow moat rating. We also assign the firm a Standard stewardship rating. However, we assign a high uncertainty rating, which factors in a heavy exposure to Chinese infant formula demand, the potential for unfavourable scientific developments, reliance on a small number of suppliers, and intense competition from global dairy majors with ...A2 Milk is principally engaged in the commercialization of a2 Milk™ related products as supported by the ownership of intellectual property that enables the identification of cattle for the production of a2 Milk™. Through its associated companies, Co. is also engaged in the distribution and marketing of a2 Milk™ in Australia and Japan and commercialize the sales and licensing rights for the supply, distribution and marketing of a2 Milk™ in the U.S. Co. products are also sold under the Jalna and Fresha Valley brand names. Co. operates predominantly in New Zealand and Australia.
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