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Australian Broker Call *Extra* Edition - Jun 03, 2021

Morningstar puts a2 Milk under review

Morningstar puts a2 Milk under review Lex Hall  |  11 May 2021Text size      Morningstar has placed infant formula producer a2 Milk under review and is poised to lower its valuation for the narrow-moat company after it reduced the near-term guidance for the fourth time since September last year. The company had expected full-year fiscal 2021 revenue of NZ$1.4 billion. But because of weak growth in its daigou/reseller channel and a glut of stock, it now expects revenue guidance of NZ$1.2 billion to NZ$1.25 billion. Additionally, A2M, which relies on its brand power to justify its premium pricing, also expects to increase near-term marketing efforts and write off NZ$80 million to NZ$90 million of expiring inventory.

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