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Bellamy's Australia

ASX:BAL
Snowflake Description

Flawless balance sheet with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BAL
ASX
A$1B
Market Cap
  1. Home
  2. AU
  3. Food, Beverage & Tobacco
Company description

Bellamy's Australia Limited produces and markets organic food and formula products for babies and toddlers. The last earnings update was 47 days ago. More info.


Add to Portfolio Compare Print
  • Bellamy's Australia has significant price volatility in the past 3 months.
BAL Share Price and Events
7 Day Returns
-0.8%
ASX:BAL
-0.4%
AU Food
1.3%
AU Market
1 Year Returns
57.8%
ASX:BAL
-10%
AU Food
9.9%
AU Market
BAL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Bellamy's Australia (BAL) -0.8% 54.8% 42.3% 57.8% 6.8% 840.1%
AU Food -0.4% 2.4% -2.3% -10% -6.5% 31.9%
AU Market 1.3% -0.6% -1% 9.9% 17.6% 17.8%
1 Year Return vs Industry and Market
  • BAL outperformed the Food industry which returned -10% over the past year.
  • BAL outperformed the Market in Australia which returned 9.9% over the past year.
Price Volatility
BAL
Industry
5yr Volatility vs Market

Value

 Is Bellamy's Australia undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Bellamy's Australia to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Bellamy's Australia.

ASX:BAL Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.1%
Perpetual Growth Rate 10-Year AU Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ASX:BAL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AU Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
Food Unlevered Beta Simply Wall St/ S&P Global 0.54
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.542 (1 + (1- 30%) (0%))
0.693
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.31% + (0.8 * 5.96%)
7.08%

Discounted Cash Flow Calculation for ASX:BAL using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Bellamy's Australia is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

ASX:BAL DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (AUD, Millions) Source Present Value
Discounted (@ 7.08%)
2020 28.20 Analyst x2 26.34
2021 16.53 Analyst x3 14.42
2022 29.00 Analyst x3 23.62
2023 39.00 Analyst x1 29.66
2024 49.00 Analyst x1 34.81
2025 56.50 Est @ 15.3% 37.48
2026 62.94 Est @ 11.4% 38.99
2027 68.40 Est @ 8.68% 39.57
2028 73.03 Est @ 6.77% 39.46
2029 76.99 Est @ 5.43% 38.85
Present value of next 10 years cash flows A$323.00
ASX:BAL DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= A$76.99 × (1 + 2.31%) ÷ (7.08% – 2.31%)
A$1,652.10
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= A$1,652.10 ÷ (1 + 7.08%)10
A$833.59
ASX:BAL Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= A$323.00 + A$833.59
A$1,156.59
Equity Value per Share
(AUD)
= Total value / Shares Outstanding
= A$1,156.59 / 113.37
A$10.2
ASX:BAL Discount to Share Price
Calculation Result
Value per share (AUD) From above. A$10.20
Current discount Discount to share price of A$12.88
= -1 x (A$12.88 - A$10.20) / A$10.20
-26.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Bellamy's Australia is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Bellamy's Australia's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Bellamy's Australia's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ASX:BAL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in AUD A$0.20
ASX:BAL Share Price ** ASX (2019-10-11) in AUD A$12.88
Australia Food Industry PE Ratio Median Figure of 21 Publicly-Listed Food Companies 25.25x
Australia Market PE Ratio Median Figure of 557 Publicly-Listed Companies 17.93x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Bellamy's Australia.

ASX:BAL PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ASX:BAL Share Price ÷ EPS (both in AUD)

= 12.88 ÷ 0.20

66.02x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bellamy's Australia is overvalued based on earnings compared to the AU Food industry average.
  • Bellamy's Australia is overvalued based on earnings compared to the Australia market.
Price based on expected Growth
Does Bellamy's Australia's expected growth come at a high price?
Raw Data
ASX:BAL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 66.02x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
22.1%per year
Australia Food Industry PEG Ratio Median Figure of 13 Publicly-Listed Food Companies 1.47x
Australia Market PEG Ratio Median Figure of 357 Publicly-Listed Companies 1.69x

*Line of best fit is calculated by linear regression .

ASX:BAL PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 66.02x ÷ 22.1%

2.99x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bellamy's Australia is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Bellamy's Australia's assets?
Raw Data
ASX:BAL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in AUD A$2.05
ASX:BAL Share Price * ASX (2019-10-11) in AUD A$12.88
Australia Food Industry PB Ratio Median Figure of 43 Publicly-Listed Food Companies 1.24x
Australia Market PB Ratio Median Figure of 1,705 Publicly-Listed Companies 1.8x
ASX:BAL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ASX:BAL Share Price ÷ Book Value per Share (both in AUD)

= 12.88 ÷ 2.05

6.27x

* Primary Listing of Bellamy's Australia.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bellamy's Australia is overvalued based on assets compared to the AU Food industry average.
X
Value checks
We assess Bellamy's Australia's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Food industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Food industry average (and greater than 0)? (1 check)
  5. Bellamy's Australia has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Bellamy's Australia expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
22.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Bellamy's Australia expected to grow at an attractive rate?
  • Bellamy's Australia's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Bellamy's Australia's earnings growth is expected to exceed the Australia market average.
  • Bellamy's Australia's revenue growth is expected to exceed the Australia market average.
Annual Growth Rates Comparison
Raw Data
ASX:BAL Future Growth Rates Data Sources
Data Point Source Value (per year)
ASX:BAL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 22.1%
ASX:BAL Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 13.2%
Australia Food Industry Earnings Growth Rate Market Cap Weighted Average 35.7%
Australia Food Industry Revenue Growth Rate Market Cap Weighted Average 9.1%
Australia Market Earnings Growth Rate Market Cap Weighted Average 10.2%
Australia Market Revenue Growth Rate Market Cap Weighted Average 3.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ASX:BAL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in AUD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ASX:BAL Future Estimates Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-06-30
2023-06-30 500 62 1
2022-06-30 394 45 49 6
2021-06-30 348 35 41 7
2020-06-30 295 32 33 7
2019-10-13
ASX:BAL Past Financials Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income *
2019-06-30 266 32 22
2019-03-31 275 25 26
2018-12-31 283 18 29
2018-09-30 306 43 36
2018-06-30 329 69 43
2018-03-31 313 53 29
2017-12-31 297 37 15
2017-09-30 268 -4 7
2017-06-30 240 -46 -1
2017-03-31 244 16
2016-12-31 247 -14 32
2016-09-30 241 -2 35

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Bellamy's Australia's earnings are expected to grow significantly at over 20% yearly.
  • Bellamy's Australia's revenue is expected to grow by 13.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ASX:BAL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Bellamy's Australia Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:BAL Future Estimates Data
Date (Data in AUD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-06-30
2023-06-30 0.52 0.52 0.52 1.00
2022-06-30 0.41 0.50 0.35 5.00
2021-06-30 0.34 0.38 0.30 5.00
2020-06-30 0.28 0.29 0.26 5.00
2019-10-13
ASX:BAL Past Financials Data
Date (Data in AUD Millions) EPS *
2019-06-30 0.20
2019-03-31 0.22
2018-12-31 0.25
2018-09-30 0.32
2018-06-30 0.40
2018-03-31 0.28
2017-12-31 0.14
2017-09-30 0.07
2017-06-30 -0.01
2017-03-31 0.16
2016-12-31 0.33
2016-09-30 0.36

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Bellamy's Australia is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Bellamy's Australia's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Australia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Australia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Bellamy's Australia has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Bellamy's Australia performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Bellamy's Australia's growth in the last year to its industry (Food).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Bellamy's Australia has delivered over 20% year on year earnings growth in the past 5 years.
  • Bellamy's Australia's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Bellamy's Australia's 1-year earnings growth is negative, it can't be compared to the AU Food industry average.
Earnings and Revenue History
Bellamy's Australia's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Bellamy's Australia Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:BAL Past Revenue, Cash Flow and Net Income Data
Date (Data in AUD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 266.24 22.11 51.06
2019-03-31 274.82 25.56 47.46
2018-12-31 283.40 29.00 43.86
2018-09-30 306.05 36.14 43.84
2018-06-30 328.70 43.27 43.82
2018-03-31 312.75 28.95 38.12
2017-12-31 296.80 14.64 32.43
2017-09-30 268.49 6.91 32.76
2017-06-30 240.18 -0.81 33.10
2017-03-31 243.71 15.55 36.17
2016-12-31 247.24 31.91 39.24
2016-09-30 240.66 35.12 34.18
2016-06-30 234.08 38.33 29.13
2016-03-31 203.58 28.92 24.28
2015-12-31 173.07 19.52 19.44
2015-09-30 149.19 14.30 16.43
2015-06-30 125.30 9.07 13.41
2015-03-31 104.33 5.81 21.04
2014-12-31 82.14 3.12 17.31
2014-09-30 65.52 2.20 15.78
2014-06-30 48.90 1.27 14.26
2013-06-30 28.84 1.60 4.22

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Bellamy's Australia has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Bellamy's Australia used its assets more efficiently than the AU Food industry average last year based on Return on Assets.
  • Bellamy's Australia's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Bellamy's Australia's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Food industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Bellamy's Australia has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Bellamy's Australia's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Bellamy's Australia's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Bellamy's Australia is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Bellamy's Australia's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Bellamy's Australia's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 3954x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Bellamy's Australia Company Filings, last reported 3 months ago.

ASX:BAL Past Debt and Equity Data
Date (Data in AUD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 232.30 0.07 112.36
2019-03-31 232.30 0.07 112.36
2018-12-31 218.05 0.07 94.84
2018-09-30 218.05 0.07 94.84
2018-06-30 207.36 0.06 87.63
2018-03-31 207.36 0.06 87.63
2017-12-31 184.19 0.03 85.02
2017-09-30 184.19 0.03 85.02
2017-06-30 91.26 25.26 17.48
2017-03-31 91.26 25.26 17.48
2016-12-31 83.95 14.58 15.63
2016-09-30 83.95 14.58 15.63
2016-06-30 83.22 0.13 32.58
2016-03-31 83.22 0.13 32.58
2015-12-31 63.21 0.18 28.09
2015-09-30 63.21 0.18 28.09
2015-06-30 48.91 0.24 32.25
2015-03-31 48.91 0.24 32.25
2014-12-31 42.97 0.32 17.20
2014-09-30 42.97 0.32 17.20
2014-06-30 15.59 0.40 4.68
2013-06-30 9.48 3.88 2.79
  • Bellamy's Australia's level of debt (0%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (2.5% vs 0% today).
  • Debt is well covered by operating cash flow (48744.6%, greater than 20% of total debt).
  • Bellamy's Australia earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Bellamy's Australia's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Bellamy's Australia has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Bellamy's Australia's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Bellamy's Australia dividends. Estimated to be 0.43% next year.
If you bought A$2,000 of Bellamy's Australia shares you are expected to receive A$0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Bellamy's Australia's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Bellamy's Australia's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ASX:BAL Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
Australia Food Industry Average Dividend Yield Market Cap Weighted Average of 13 Stocks 3.1%
Australia Market Average Dividend Yield Market Cap Weighted Average of 407 Stocks 4.2%
Australia Minimum Threshold Dividend Yield 10th Percentile 1.6%
Australia Bottom 25% Dividend Yield 25th Percentile 2.5%
Australia Top 25% Dividend Yield 75th Percentile 5.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ASX:BAL Future Dividends Estimate Data
Date (Data in A$) Dividend per Share (annual) Avg. No. Analysts
2024-06-30
2023-06-30 0.15 1.00
2022-06-30 0.07 5.00
2021-06-30 0.05 6.00
2020-06-30 0.02 4.00
2019-10-13
ASX:BAL Past Annualized Dividends Data
Date (Data in A$) Dividend per share (annual) Avg. Yield (%)
2018-02-21 0.000 0.000
2017-08-24 0.000 0.000
2017-02-24 0.000 0.000
2016-08-18 0.156 1.965
2016-02-18 0.082 0.746
2015-09-01 0.029 0.296
2015-08-20 0.029 0.538

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Bellamy's Australia has not reported any payouts.
  • Unable to verify if Bellamy's Australia's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Bellamy's Australia's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Bellamy's Australia has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Bellamy's Australia's dividends in 3 years as they are not expected to pay a notable one for Australia.
X
Income/ dividend checks
We assess Bellamy's Australia's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Bellamy's Australia afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Bellamy's Australia has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Bellamy's Australia's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Andrew Cohen
COMPENSATION A$2,113,871
TENURE AS CEO 2.5 years
CEO Bio

Mr. Andrew Cohen has been the Chief Executive Officer of Bellamy's Australia Limited since April 2017. Mr. Cohen served as an Acting Chief Executive Officer of Bellamy's Australia Limited since January 11, 2017 until April 2017. Mr. Cohen has extensive experience in grocery, retail and FMCG, including successful and extensive China go-to-market experience in vitamins, infant formula and dairy. He served as Chief Operating Officer and Chief Strategy Officer of Bellamy's Australia Limited since July 2016 until February 6, 2017. He worked as a Partner with Bain & Company where he held a leadership role in Consumer Products and Retail practice. With over 10 years' retail and FMCG experience in management and consulting roles, he has worked with multiple high profile companies to capitalise on the greatest opportunities in the sector and delivering strategies to accelerate growth across multiple platforms, making him the obvious choice for the position. He holds a Bachelor of Commerce and Arts, University of Melbourne and completed an MBA, Cambridge University (Dux).

CEO Compensation
  • Andrew's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Andrew's remuneration is higher than average for companies of similar size in Australia.
Management Team Tenure

Average tenure of the Bellamy's Australia management team in years:

2.5
Average Tenure
  • The tenure for the Bellamy's Australia management team is about average.
Management Team

Andrew Cohen

TITLE
Chief Executive Officer
COMPENSATION
A$2M
TENURE
2.5 yrs

Nigel Underwood

TITLE
Chief Financial Officer
COMPENSATION
A$746K
TENURE
2.5 yrs

Peter Fridell

TITLE
Director of Operations
COMPENSATION
A$646K
TENURE
2.7 yrs

Melinda Harrison

TITLE
General Counsel
COMPENSATION
A$485K
TENURE
2.4 yrs

David Jedynak

TITLE
Director of Sales & Marketing
COMPENSATION
A$665K

Shona Ollington

TITLE
Director of Finance & People
COMPENSATION
A$233K
Board of Directors Tenure

Average tenure of the Bellamy's Australia board of directors in years:

2.4
Average Tenure
  • The average tenure for the Bellamy's Australia board of directors is less than 3 years, this suggests a new board.
Board of Directors

John Ho

TITLE
Chairman
AGE
43
TENURE
2.4 yrs

John Murphy

TITLE
Deputy Chairman
COMPENSATION
A$525K
AGE
56
TENURE
2.4 yrs

Shirley Liew

TITLE
Independent Non-Executive Director
COMPENSATION
A$107K
TENURE
1.8 yrs

Chan Wai-Chan

TITLE
Independent Non-Executive Director
COMPENSATION
A$159K
TENURE
2.7 yrs

Rodd Peters

TITLE
Independent Non-Executive Director
COMPENSATION
A$159K
TENURE
2.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (A$) Value (A$)
01. Oct 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 26. Sep 19 27. Sep 19 -132,986 A$12.93 A$-1,716,042
01. Oct 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 26. Sep 19 27. Sep 19 204,584 A$12.93 A$2,641,227
27. Sep 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 16. Sep 19 25. Sep 19 -2,512,230 A$13.03 A$-32,333,936
27. Sep 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 16. Sep 19 25. Sep 19 2,605,922 A$12.95 A$33,512,099
27. Sep 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 30. Aug 19 25. Sep 19 -797,504 A$13.03 A$-9,688,047
27. Sep 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 30. Aug 19 25. Sep 19 1,823,470 A$13.03 A$23,055,418
25. Sep 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 19. Sep 19 19. Sep 19 -1,176,375 A$12.88 A$-15,149,787
25. Sep 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 19. Sep 19 19. Sep 19 127,150 A$12.87 A$1,636,385
25. Sep 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 20. Sep 19 20. Sep 19 -3,039,389 A$12.87 A$-39,111,941
25. Sep 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 20. Sep 19 20. Sep 19 130,622 A$12.87 A$1,681,527
25. Sep 19 Buy Mitsubishi UFJ Kokusai Asset Management Co., Ltd. Company 20. Sep 19 20. Sep 19 1,541 A$12.86 A$19,817
25. Sep 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 20. Sep 19 20. Sep 19 -3,039,389 A$12.87 A$-39,111,942
25. Sep 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 20. Sep 19 20. Sep 19 130,622 A$12.87 A$1,681,527
23. Sep 19 Sell UBS Asset Management Company 18. Sep 19 19. Sep 19 -2,092,642 A$9.36 A$-19,591,159
23. Sep 19 Buy UBS Asset Management Company 18. Sep 19 19. Sep 19 2,671,967 A$5.15 A$13,749,582
23. Sep 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 19. Sep 19 19. Sep 19 -1,025,312 A$12.86 A$-13,185,580
23. Sep 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 19. Sep 19 19. Sep 19 127,150 A$12.87 A$1,636,385
23. Sep 19 Sell Credit Suisse, Investment Banking and Securities Investments Company 19. Sep 19 19. Sep 19 -242,651 A$12.90 A$-3,129,646
23. Sep 19 Buy Credit Suisse, Investment Banking and Securities Investments Company 16. Sep 19 19. Sep 19 127,084 A$12.87 A$1,636,174
20. Sep 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 18. Sep 19 18. Sep 19 -2,375,245 A$12.88 A$-30,569,371
20. Sep 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 18. Sep 19 18. Sep 19 3,161,483 A$12.87 A$40,690,194
20. Sep 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 20. May 19 17. Sep 19 13,132,770 A$12.46 A$131,548,033
20. Sep 19 Buy Morgan Stanley Investment Management Inc. Company 30. Aug 19 30. Aug 19 17,530 A$7.72 A$135,332
20. Sep 19 Sell Credit Suisse, Investment Banking and Securities Investments Company 18. Sep 19 18. Sep 19 -1,311,871 A$12.93 A$-16,897,082
20. Sep 19 Buy Credit Suisse, Investment Banking and Securities Investments Company 17. Sep 19 18. Sep 19 568,317 A$12.89 A$7,327,983
18. Sep 19 Sell Credit Suisse, Investment Banking and Securities Investments Company 17. May 19 16. Sep 19 -6,116,370 A$8.65 A$-52,934,228
18. Sep 19 Buy Credit Suisse, Investment Banking and Securities Investments Company 17. May 19 16. Sep 19 8,291,515 A$12.40 A$85,532,452
02. Sep 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 07. Mar 19 06. Aug 19 -2,773 A$10.96 A$-29,861
26. Jul 19 Buy Fort Canning Investments Pte. Ltd. Company 25. Mar 19 26. Jul 19 4,477,743 A$11.97 A$46,257,520
24. Mar 19 Sell Norges Bank Investment Management Company 21. Mar 19 21. Mar 19 -425,000 A$10.77 A$-4,577,250
06. Mar 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 10. Dec 18 04. Mar 19 -860,596 A$9.89 A$-6,812,176
06. Mar 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 10. Dec 18 04. Mar 19 2,118,277 A$9.89 A$18,152,896
06. Mar 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 15. Jan 19 06. Feb 19 -725 A$9.03 A$-5,682
06. Mar 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 14. Dec 18 31. Jan 19 467 A$8.46 A$3,857
11. Dec 18 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 03. Dec 18 07. Dec 18 203,208 A$8.20 A$1,601,480
11. Dec 18 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 07. Dec 18 07. Dec 18 -887 A$7.60 A$-6,741
05. Dec 18 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 21. Nov 18 30. Nov 18 -5,092 A$7.80 A$-37,767
05. Dec 18 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 22. Nov 18 03. Dec 18 449 A$8.20 A$3,352
22. Nov 18 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 26. Oct 18 20. Nov 18 -145,128 A$8.40 A$-1,112,366
22. Nov 18 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 26. Oct 18 20. Nov 18 121,141 A$8.31 A$923,489
29. Oct 18 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 05. Oct 18 25. Oct 18 -640,898 A$9.43 A$-5,777,966
29. Oct 18 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 05. Oct 18 25. Oct 18 65,639 A$9.44 A$558,322
29. Oct 18 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 22. Oct 18 22. Oct 18 59 A$8.11 A$478
29. Oct 18 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 16. Oct 18 16. Oct 18 255 A$8.16 A$2,081
X
Management checks
We assess Bellamy's Australia's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Bellamy's Australia has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

If You Had Bought Bellamy's Australia (ASX:BAL) Shares Five Years Ago You'd Have Made 488%

It might be of some concern to shareholders to see the Bellamy's Australia Limited (ASX:BAL) share price down 23% in the last month. … Over half a decade, Bellamy's Australia managed to grow its earnings per share at 59% a year. … Over the last 5 years, Bellamy's Australia generated a TSR of 509%, which is, of course, better than the share price return.

Simply Wall St -

We Think Bellamy's Australia (ASX:BAL) Can Stay On Top Of Its Debt

ASX:BAL Historical Debt, August 17th 2019 A Look At Bellamy's Australia's Liabilities Zooming in on the latest balance sheet data, we can see that Bellamy's Australia had liabilities of AU$43.9m due within 12 months and liabilities of AU$58.0k due beyond that. … While Bellamy's Australia has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. … Summing up While it is always sensible to investigate a company's debt, in this case Bellamy's Australia has AU$95m in net cash and a decent-looking balance sheet.

Simply Wall St -

Bellamy's Australia Limited (ASX:BAL) Earns Among The Best Returns In Its Industry

Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Bellamy's Australia: 0.26 = AU$56m ÷ (AU$262m - AU$44m) (Based on the trailing twelve months to December 2018.) So, Bellamy's Australia has an ROCE of 26%. … Do Bellamy's Australia's Current Liabilities Skew Its ROCE? … Our Take On Bellamy's Australia's ROCE This is good to see, and with such a high ROCE, Bellamy's Australia may be worth a closer look.

Simply Wall St -

What Is Bellamy's Australia's (ASX:BAL) P/E Ratio After Its Share Price Rocketed?

Those holding Bellamy's Australia (ASX:BAL) shares must be pleased that the share price has rebounded 35% in the last thirty days. … One way to gauge market expectations of a stock is to look at its Price to Earnings Ratio (PE Ratio). … Since Bellamy's Australia holds net cash of AU$95m, it can spend on growth, justifying a higher P/E ratio than otherwise.

Simply Wall St -

Is It Too Late To Buy Bellamy's Australia Limited (ASX:BAL) At Its July Price?

This tells us that Bellamy's Australia is overvalued compared to the AU market average ratio of 16.19x , and overvalued based on current earnings compared to the Food industry average of 17.91x. … But, to be able to properly assess the value of a high-growth stock such as Bellamy's Australia, we must incorporate its earnings growth in our valuation. … This means that, when we account for Bellamy's Australia's growth, the stock can be viewed as slightly overvalued , based on fundamental analysis.

Simply Wall St -

What Should Investors Know About Bellamy's Australia Limited's (ASX:BAL) Future?

See our latest analysis for Bellamy's Australia Can we expect Bellamy's Australia to keep growing? … I've plotted out each year's earnings expectations and inserted a line of best fit to calculate an annual growth rate from the slope in order to understand the overall trajectory of BAL's earnings growth over these next few years. … ASX:BAL Past and Future Earnings, June 27th 2019 This results in an annual growth rate of 27% based on the most recent earnings level of AU$43m to the final forecast of AU$85m by 2022.

Simply Wall St -

Bellamy's Australia Limited (ASX:BAL): What We Can Expect From This Growth Stock

In this article, I've outline a few earnings growth rates to give you a sense of the market sentiment for Bellamy's Australia in the longer term. … To reduce the year-on-year volatility of analyst earnings forecast, I've inserted a line of best fit through the expected earnings figures to determine the annual growth rate from the slope of the line. … ASX:BAL Past and Future Earnings, June 27th 2019 From the current net income level of AU$43m and the final forecast of AU$85m by 2022, the annual rate of growth for BAL’s earnings is 27%.

Simply Wall St -

How Many Bellamy's Australia Limited (ASX:BAL) Shares Did Insiders Buy, In The Last Year?

So before you buy or sell Bellamy's Australia Limited (ASX:BAL), you may well want to know whether insiders have been buying or selling. … As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.' Check out our latest analysis for Bellamy's Australia Bellamy's Australia Insider Transactions Over The Last Year Over the last year, we can see that the biggest insider purchase was by Charles Jobson for AU$669k worth of shares, at about AU$12.41 per share. … ASX:BAL Recent Insider Trading, June 16th 2019 Bellamy's Australia is not the only stock that insiders are buying.

Simply Wall St -

Do Directors Own Bellamy's Australia Limited (ASX:BAL) Shares?

Taking a look at our data on the ownership groups (below), it's seems that institutions own shares in the company. … View our latest analysis for Bellamy's Australia ASX:BAL Ownership Summary, June 6th 2019 What Does The Institutional Ownership Tell Us About Bellamy's Australia? … Insider Ownership Of Bellamy's Australia While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders.

Simply Wall St -

Can Bellamy's Australia Limited (ASX:BAL) Maintain Its Strong Returns?

Check out our latest analysis for Bellamy's Australia How Do You Calculate Return On Equity? … The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Bellamy's Australia: 13% = AU$29m ÷ AU$218m (Based on the trailing twelve months to December 2018.) It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. … Does Bellamy's Australia Have A Good Return On Equity?

Simply Wall St -

Company Info

Description

Bellamy's Australia Limited produces and markets organic food and formula products for babies and toddlers. It operates in three segments: Australia Sales, Overseas Sales, and Australia Manufacturing. The company offers formula and toddler milk drinks, cereals and rusks, pastas, snacks, and ready to serve baby foods, as well as powdered milk products. It sells its products to retailers and other resellers in Australia; and distributors and customers internationally. The company was formerly known as Tasmanian Pure Foods Limited and changed its name to Bellamy's Australia Limited in June 2014. Bellamy's Australia Limited was founded in 2004 and is based in Launceston, Australia.

Details
Name: Bellamy's Australia Limited
BAL
Exchange: ASX
Founded: 2004
A$1,460,183,665
113,368,297
Website: http://bellamysorganic.com.au
Address: Bellamy's Australia Limited
115 Cimitiere Street,
PO Box 96,
Launceston,
Tasmania, 7250,
Australia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ASX BAL Ordinary Shares Australian Securities Exchange AU AUD 05. Aug 2014
OTCPK BLLM.F Ordinary Shares Pink Sheets LLC US USD 05. Aug 2014
DB 5B0 Ordinary Shares Deutsche Boerse AG DE EUR 05. Aug 2014
CHIA BAL Ordinary Shares Chi-X Australia AU AUD 05. Aug 2014
Number of employees
Current staff
Staff numbers
150
Bellamy's Australia employees.
Industry
Packaged Foods and Meats
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/10/13 10:45
End of day share price update: 2019/10/11 00:00
Last estimates confirmation: 2019/10/08
Last earnings filing: 2019/08/27
Last earnings reported: 2019/06/30
Last annual earnings reported: 2019/06/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.