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: N/A
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

$5.64

11 Aug
2026

-0.020

OPEN

$5.83

-0.35%

HIGH

$5.83

3,680,120

LOW

$5.57

TARGET
$5.505 -2.4% downside
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 FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx N/A 33.0 xxx
DPS (cps) xxx N/A 0.0 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 17.2 xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A xxx

Dividend yield today if purchased 3 years ago: N/A

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 N/A

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 xxxxxxxxxxxxxxx53.8
DPS All xxxxxxxxxxxxxxx40.0
Sales/Revenue xxxxxxxxxxxxxxx2,990.1 M
Book Value Per Share xxxxxxxxxxxxxxx589.6
Net Operating Cash Flow xxxxxxxxxxxxxxx525.7 M
Net Profit Margin xxxxxxxxxxxxxxx14.61 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx9.32 %
Return on Invested Capital xxxxxxxxxxxxxxx6.47 %
Return on Assets xxxxxxxxxxxxxxx5.25 %
Return on Equity xxxxxxxxxxxxxxx9.32 %
Return on Total Capital xxxxxxxxxxxxxxx11.56 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx80.1 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 xxxxxxxxxxxxxxx140 M
Long Term Debt xxxxxxxxxxxxxxx2,059 M
Total Debt xxxxxxxxxxxxxxx2,199 M
Goodwill - Gross xxxxxxxxxxxxxxx1,554 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx428 M
Price To Book Value xxxxxxxxxxxxxxx1.32

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx137.1 M
Capex % of Sales xxxxxxxxxxxxxxx4.59 %
Cost of Goods Sold xxxxxxxxxxxxxxx1,572 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx623 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx40 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

0.2

No. Of Recommendations

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

Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgans

05/06/2026

3

Buy

$5.95

5.50%

Treasury Wine Estates' Investor Day was the positive share price catalyst Morgans was expecting, with FY26 earnings (EBITS) guidance of $480m-$490m slightly ahead of the consensus forecast. Ongoing Penfolds momentum is noted.

The company's multi-year Ascent transformation program will be aimed at improving margins, returns and balance sheet strength. Ascent targets -$100m in annual cost savings by FY29, portfolio simplification and leverage below 2.0x by FY28.

Management expects customer inventory rebalancing to constrain FY27 growth before revenue growth resumes in FY28.

Morgans upgrades its FY27 and FY28 earnings forecasts by 2.8% and 4.2%, respectively. The broker believes management can improve returns over time and strengthen the balance sheet. Morgans retains a Buy rating and target of $5.95, up from $5.30.

FORECAST
Morgans forecasts a full year FY27 dividend of 0.00 cents and EPS of 32.30 cents.

Morgan Stanley

xx/xx/xxxx

3

xxxxx-xxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

3

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

12/08/2026

2

Overweight

$5.20

-7.80%

Jarden maintains an Overweight rating for Treasury Wine Estates with its target price increased to $5.20 from $5.00 following a positive trading update showing FY26 earnings tracking slightly ahead of market expectations.

The analyst notes that strong momentum for the premium Penfolds brand provides confidence in demand and margins, allaying fears of channel stuffing after the temporary suspension of select orders in China.

The Americas region continues to underperform, incurring an additional -$558m in impairments across brands, assets held for sale, and inventory write-downs.

The broker's estimates factor in an -18% earnings downgrade for the Americas division across the forecast period due to ongoing depletion weakness and distribution disruptions, offset by a 4% upgrade to Penfolds.

With gearing expected to fall below prior targets, the analyst views the business as undervalued on an asset basis and expects the ongoing restructuring to eventually provide scope for a valuation re-rating.

FORECAST
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 31.70 cents.
Jarden forecasts a full year FY28 dividend of 0.00 cents and EPS of 36.80 cents.
Access Extra Coverage Research History >

TWE STOCK CHART

FNArena News on TWE

1
Australian Broker Call *Extra* Edition – Aug 12, 2026

11:30 AM - Daily Market Reports
2
Rudi’s View: Upside Risk In Crowded Shorts

10:00 AM - Rudi's View
3
Rudi’s View: Final Preparations For August

Aug 05 2026 - Rudi's View
4
ESG Focus: War Accelerates Energy Transition

Jul 15 2026 - ESG Focus
5
Next Week At A Glance – 13-17 Jul 2026

Jul 10 2026 - Weekly Reports

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