Synlait Milk FY25 ResultâThe Power of Deleverage
We upgrade our rating to NEUTRAL. Synlait Milk (SML)âs FY25 result was the sideshow to the sale of its North Island assets to Abbott for NZ$307m.
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Synlait Milk - 1H25 ResultâPremature Celebrations?
While Synlait Milk's (SML) EBITDA result was in line with the guidance provided in January, we think it is important to acknowledge it was a strong...
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Synlait Milk - New Year Cheer
Synlait Milk's (SML) first-time half-year EBITDA guidance of NZ$58mâ$63m implies material upgrades to consensus expectations (consensus was ~NZ$78m...
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Synlait Milk - More Evidence Needed: UNDERPERFORM
Our view reflects: (1) the distinct possibility of SML losing significant volumes as its key customer, The a2 Milk Company (ATM), transforms its...
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The A2 Milk Company FY25 ResultâMilking The Margin
ATM will acquire 100% of Yashili NZ for NZ$282m and has divested Mataura Valley Milk (MVM) for NZ$100m. We view this as strategically and...
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