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: 2.82
Index: ASX50 | 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

$7.68

08 Aug
2025

0.050

OPEN

$7.63

0.66%

HIGH

$7.68

2,524,846

LOW

$7.58

TARGET
$9.50 23.7% upside
Franking for last dividend paid out: 70%
OTHER COMPANIES IN THE SAME SECTOR
AMC . AVG . BFC . CKF . COL . DMP . EDV . GYG . ING . LRK . MBH . MTS . RFG . SGLLV . TSI . WOA . WOW . YOW .
FNARENA'S MARKET CONSENSUS FORECASTS
TWE: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 12.7 57.6 xxx
DPS (cps) xxx 36.0 38.8 xxx
EPS Growth xxx - 63.6% 100.0% xxx
DPS Growth xxx 3.9% 7.8% xxx
PE Ratio xxx N/A 13.3 xxx
Dividend Yield xxx N/A 5.1% xxx
Div Pay Ratio(%) xxx 283.5% 67.5% xxx

Dividend yield today if purchased 3 years ago: 2.92%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.69

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: 28/08 - ex-div 19c (franking 70%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx12.7
DPS All xxxxxxxxxxxxxxx36.0
Sales/Revenue xxxxxxxxxxxxxxx2,808.3 M
Book Value Per Share xxxxxxxxxxxxxxx566.1
Net Operating Cash Flow xxxxxxxxxxxxxxx431.7 M
Net Profit Margin xxxxxxxxxxxxxxx3.52 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx2.34 %
Return on Invested Capital xxxxxxxxxxxxxxx1.62 %
Return on Assets xxxxxxxxxxxxxxx1.30 %
Return on Equity xxxxxxxxxxxxxxx2.34 %
Return on Total Capital xxxxxxxxxxxxxxx9.68 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-5.1 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx84 M
Long Term Debt xxxxxxxxxxxxxxx2,075 M
Total Debt xxxxxxxxxxxxxxx2,159 M
Goodwill - Gross xxxxxxxxxxxxxxx1,517 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx458 M
Price To Book Value xxxxxxxxxxxxxxx2.20

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx190.1 M
Capex % of Sales xxxxxxxxxxxxxxx6.77 %
Cost of Goods Sold xxxxxxxxxxxxxxx1,574 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx626 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx44 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

0.5

No. Of Recommendations

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

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgans

26/06/2025

1

Buy

$10.25

33.46%

Treasury Wine Estates reaffirmed FY25 guidance but flagged softer FY26 earnings expectations, especially for Treasury Americas, due to macro headwinds and modest growth from Daou Vineyards, explains Morgans.

Penfolds remains the group's core earnings driver and is on track for low double-digit earnings (EBITS) growth in FY25, notes the broker.

Guidance for FY26 has been revised to low to mid double-digits from circa 15% prior, reflecting increased investment in Asian markets.

The analysts highlight Treasury Americas’ FY26 outlook as disappointing, with Daou expected to underperform its medium-term net sales revenue (NSR) growth target.

Broader luxury brands are also likely to post earnings declines due to inventory rebalancing and soft US demand, explains Morgans.

Treasury Collective, (a new segment starting July 1), contributing 13% of group earnings, is showing signs of stabilisation, with FY25 earnings expected to be moderately ahead of guidance.

This new division will house brands including 19 Crimes, Matua, Squealing Pig, Wynns, Wolf Blass, and Lindemans.

Morgans reduces its FY26 earnings forecasts by -5.1%. The target falls $10.25 from $11.06. Buy rating unchanged.

FORECAST
Morgans forecasts a full year FY25 dividend of 39.50 cents and EPS of 57.50 cents.
Morgans forecasts a full year FY26 dividend of 42.30 cents and EPS of 62.10 cents.

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$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

29/07/2025

2

Overweight

$10.00

30.21%

Jarden believes Treasury Wine Estates' Penfolds brand appears too expensive, driving market share loss, as peers cut prices, and as luxury wine demand in China remains weak. 

The broker notes Penfolds' suppy is expected to rise significantly through FY26-28 and the company may need to devise pricing strategy to ensure the brand relevance doesn't decline.

One identified positive is incoming CEO Sam Fischer who starts October 27 and has a track record of successfully growing prestige brands in his previous role at Diageo.

Overweight. Target unchanged at $10.

FORECAST
Jarden forecasts a full year FY25 dividend of 38.00 cents and EPS of 58.30 cents.
Jarden forecasts a full year FY26 dividend of 45.00 cents and EPS of 62.70 cents.
Access Extra Coverage Research History >

TWE STOCK CHART

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