TREASURY WINE ESTATES LIMITED (TWE)
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TWE

TWE - TREASURY WINE ESTATES LIMITED

FNArena Sector : Food, Beverages & Tobacco
Year End: June
GICS Industry Group : Food, Beverage & Tobacco
Debt/EBITDA: 2.28
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

Treasury Wine Estates is Australia's largest wine producer and distributor and one of the world's largest. Formerly operating as the wine division of international brewing company Foster's Group until May 2011, it was de-merged into a separate company. Owns iconic brands incl Penfolds, globally known for its luxurious Grange production.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$3.54

25 Mar
2026

-0.010

OPEN

$3.57

-0.28%

HIGH

$3.63

5,256,777

LOW

$3.53

TARGET
$4.827 36.3% upside
Franking for last dividend paid out: 70%
OTHER COMPANIES IN THE SAME SECTOR
AMC . AVG . CKF . COL . DMP . EDV . GYG . ING . LRK . MBH . MTS . RFG . SGLLV . SPG . WOA . WOW . YOW .
FNARENA'S MARKET CONSENSUS FORECASTS
TWE: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 53.8 30.9 xxx
DPS (cps) xxx 40.0 0.0 xxx
EPS Growth xxx 100.0% - 42.6% xxx
DPS Growth xxx 11.1% N/A xxx
PE Ratio xxx N/A 11.0 xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx 74.3% N/A xxx

Dividend yield today if purchased 3 years ago: 3.09%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 11.80

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 27/08 - ex-div 20.00c (franking 70%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic 35.934.336.134.912.753.8
DPS All 27.727.730.734.636.040.0
Sales/Revenue 2,678.2 M2,683.9 M2,531.8 M2,488.3 M2,808.3 M2,990.1 M
Book Value Per Share 497.0491.8518.9529.5566.1589.6
Net Operating Cash Flow 388.8 M471.7 M562.0 M272.0 M431.7 M525.7 M
Net Profit Margin 9.74 %9.31 %10.40 %10.23 %3.52 %14.61 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed 7.12 %6.94 %7.14 %6.66 %2.34 %9.32 %
Return on Invested Capital 5.14 %4.82 %5.08 %4.69 %1.62 %6.47 %
Return on Assets 4.12 %3.86 %4.07 %3.70 %1.30 %5.25 %
Return on Equity 7.12 %6.94 %7.14 %6.66 %2.34 %9.32 %
Return on Total Capital 8.51 %11.67 %9.66 %10.26 %9.68 %11.56 %
Free Cash Flow ex dividends -24.1 M203.1 M257.5 M-217.0 M-5.1 M80.1 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt 223 M53 M224 M251 M84 M140 M
Long Term Debt 1,702 M1,475 M1,512 M1,687 M2,075 M2,059 M
Total Debt 1,926 M1,528 M1,736 M1,938 M2,159 M2,199 M
Goodwill - Gross 904 M898 M964 M990 M1,517 M1,554 M
Cash & Equivalents - Generic 449 M448 M431 M566 M458 M428 M
Price To Book Value 2.092.352.162.102.201.32

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex 166.5 M121.2 M112.2 M249.0 M190.1 M137.1 M
Capex % of Sales 6.22 %4.52 %4.43 %10.01 %6.77 %4.59 %
Cost of Goods Sold 1,610 M1,526 M1,502 M1,414 M1,574 M1,572 M
Selling, General & Admin. Exp & Other 626 M536 M516 M493 M626 M623 M
Research & Development ------
Investments - Total 0 M0 M0 M0 M44 M40 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

-0.3

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

3

xxxxxxx xx xxxx xxxx xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

17/02/2026

3

Neutral

$5.30

49.72%

Macquarie found little that surprised in the first half earnings given the recent update from Treasury Wine Estates. Management has provided "qualitative" guidance, for second half earnings to be higher than the first half.

Earnings are forecast to improve as California distributions transition, but the broker notes the long-term outlook remains unclear.

In order to become more positive, Macquarie awaits further evidence the underlying market performance is improving as well as customers sufficiently destocking in China and the US.

Neutral. Target edges up to $5.30 from $5.20.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 30.70 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 39.70 cents.

Citi

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

5

xxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

19/02/2026

3

Neutral

$5.00

41.24%

Treasury Wine Estates delivered an operating result that was in line, being largely pre-released. The dividend has been suspended with the company looking to preserve capital and bring gearing back into the target range.

Jarden believes an earnings trough has been reached but the business needs to make progress on the balance sheet, which should become evident throughout 2026. This will still need to be seen happening before a re-rating can occur.

The broker take some comfort in the Nielsen January US wine data which show an improvement while China depletions have become stronger. Neutral rating. Target is reduced to $5.00 from $5.40.

FORECAST
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 32.20 cents.
Jarden forecasts a full year FY27 dividend of 9.00 cents and EPS of 34.90 cents.
Access Extra Coverage Research History >

TWE STOCK CHART

FNArena News on TWE

1
Weekly Ratings, Targets, Forecast Changes – 20-03-26

Mar 23 2026 - Weekly Reports
2
Next Week At A Glance – 23-27 Mar 2026

Mar 20 2026 - Weekly Reports
3
Rudi’s View: Oil, Inflation, Growth & Stagflation

Mar 18 2026 - Rudi's View
4
February 2026 Results – The Wrap

Mar 13 2026 - Feature Stories
5
Rudi’s View: Post-February Conviction Calls

Mar 12 2026 - Rudi's View

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