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: 3.3
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

$5.82

22 Oct
2026

-0.060

OPEN

$5.88

-1.02%

HIGH

$5.89

4,209,402

LOW

$5.81

TARGET
$6.292 8.1% 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 FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx - 133.4 34.6 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 16.8 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: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

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 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx-133.4
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx2,626.0 M
Book Value Per Share xxxxxxxxxxxxxxx412.9
Net Operating Cash Flow xxxxxxxxxxxxxxx190.4 M
Net Profit Margin xxxxxxxxxxxxxxx-41.04 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx-26.55 %
Return on Invested Capital xxxxxxxxxxxxxxx-18.02 %
Return on Assets xxxxxxxxxxxxxxx-14.42 %
Return on Equity xxxxxxxxxxxxxxx-26.55 %
Return on Total Capital xxxxxxxxxxxxxxx7.12 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-82.6 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 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx214 M
Long Term Debt xxxxxxxxxxxxxxx1,783 M
Total Debt xxxxxxxxxxxxxxx1,997 M
Goodwill - Gross xxxxxxxxxxxxxxx1,536 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx222 M
Price To Book Value xxxxxxxxxxxxxxx1.15

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx113.3 M
Capex % of Sales xxxxxxxxxxxxxxx4.31 %
Cost of Goods Sold xxxxxxxxxxxxxxx1,585 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx602 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx26 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

UBS

xx/xx/xxxx

3

xxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgan Stanley

21/09/2026

3

Equal-weight

$5.30

-8.93%

After a review of upcoming company and industry events, Morgan Stanley has identified catalysts potentially impacting share prices across its Australian Consumer and Gaming coverage between now and year-end.

The analysts see modest upside potential from Treasury Wine Estates' October AGM update.

The broker expects FY27 earnings (EBITDA) guidance of at least $492m to be reiterated, with earnings weighted to the second half.

Updates on Penfolds sales and inventory in China will be closely watched, alongside progress reducing Americas distributor inventory and potential asset sales.

Further details on new CEO incentives and the CFO appointment may also emerge, Morgan Stanley suggests.

Equal-weight rating. Industry View: Cautious. Target is $5.30.

FORECAST
Morgan Stanley forecasts a full year FY27 EPS of 35.50 cents.
Morgan Stanley forecasts a full year FY28 EPS of 43.60 cents.

Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx 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

19/10/2026

3

Neutral

$5.50

-5.50%

Jarden maintains a Neutral rating for Treasury Wine Estates with a $5.50 target price following an in-line AGM update featuring positive incremental news across the portfolio.

Jarden notes Penfolds China is performing ahead of expectations alongside falling leverage driven by $50m of portfolio divestments.

Australian operations are performing well led by independent retailers, while group guidance for EBITDA at least in line with FY26 was reiterated.

Leverage is expected to fall to a target range of 2x by FY28, down from current levels of 2.7x.

The analyst leaves forecasts unchanged, highlighting potential modest upside risk for flat FY27 EBITDA expectations led by improving pricing and expanding distribution points in China.

FORECAST
Jarden forecasts a full year FY27 dividend of 0.00 cents and EPS of 31.90 cents.
Jarden forecasts a full year FY28 dividend of 0.00 cents and EPS of 38.80 cents.
Access Extra Coverage Research History >

TWE STOCK CHART

FNArena News on TWE

1
Australian Broker Call *Extra* Edition – Oct 19, 2026

Oct 19 2026 - Daily Market Reports
2
Next Week At A Glance – 19 – 23 Oct 2026

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Next Week At A Glance – 28 Sept – 2 Oct 2026

Sep 25 2026 - Weekly Reports
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Sep 24 2026 - Rudi's View

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