Bega Cheese Ltd

BGA: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$7.20	Kpjw	Hzccdjs

Bega Group: Despite Bulk Woes, Brands Prove Strong

Angus Hewitt

Jan 2, 2024

While Bega Group shares have recovered strongly from lows of less than AUD 2.50 in October 2023, they still screen as undervalued compared with our unchanged AUD 4 fair value estimate. While profitability in Bega’s bulk segment has collapsed, the branded segment remains resilient.

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