The dairy co-operative lost almost 200-million dollars last financial year - its first ever net loss.
Andrew Kelleher from JMI Wealth says investors were expecting bad news.
They knew the co-op had lost value in its Beingmate investment, and had to pay a 180-million dollar settlement to French company Danone .
But Kelleher says looking underneath all of that, actual operational earnings were disappointing as well.
He says its debt is up to 6.2-billion dollars, which is outside of borrowing guidance ratios, the return on capital is lower, and expenses are higher.