Treasury Wine Estates Ltd

TWE: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$45.00	Zftgk	Tbbxzwfsq

Potential Penfolds Demerger Offers Options for Treasury Wine Investors, but Also Cost; FVE Unchanged

Adam Fleck

Apr 8, 2020

Treasury Wine Estates will accelerate the restructure of its commercial wine offering in the United States and look to potentially spin out its crown jewel Penfolds-branded wines by the end of calendar 2021. We’ve adjusted our near-term forecasts to account for lower U.S. commercial wine volumes and greater negative COVID-19 impacts, but these are offset over the long term by a post-coronavirus rebound in fiscal 2021 and improved American profitability. We maintain our AUD 12.80 per share fair value estimate.

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