TREASURY WINE ESTATES LIMITED (TWE)
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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

$11.40

20 Dec
2024

-0.160

OPEN

$11.46

-1.38%

HIGH

$11.46

3,455,933

LOW

$11.34

TARGET
$13.712 20.3% upside
Franking for last dividend paid out: 70%
OTHER COMPANIES IN THE SAME SECTOR
AMC . AVG . BFC . CCL . CKF . COL . DMP . EDV . GDA . 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 61.7 xxx
DPS (cps) xxx 36.0 41.4 xxx
EPS Growth xxx - 63.6% 100.0% xxx
DPS Growth xxx 3.9% 14.9% xxx
PE Ratio xxx N/A 18.5 xxx
Dividend Yield xxx N/A 3.6% xxx
Div Pay Ratio(%) xxx 283.5% 67.0% xxx

Dividend yield today if purchased 3 years ago: 2.96%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.16

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 © 2024 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

0.8

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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Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgans

16/08/2024

1

Add

$14.80

29.82%

Treasury Wine Estates' FY24 result held few surprises given the company’s recent trading updates. Pleasingly, suggests Morgans, its two Luxury portfolios and cashflow all slightly beat guidance. The much smaller and low margin Treasury Premium Brands (TPB) disappointed.

Importantly, targets for both of its Luxury wine businesses over the next few years were reiterated, and, if delivered, will underpin double digit earnings growth out to FY27.

Treasury Wine intends to create a Global Premium division by 1 July 2025 through the combination of TPB and TA Premium portfolio brands. This suggests to Morgans that a demerger is unlikely in the near term as the company focuses on optimising this business.

While Treasury Wine won’t be completely immune to cost of living pressures and reduced alcohol consumption, the broker thinks it has a number of drivers to underpin strong earnings growth over coming years. Add retained, target drops to $14.80 from $15.03.

FORECAST
Morgans forecasts a full year FY25 dividend of 41.00 cents and EPS of 61.00 cents.
Morgans forecasts a full year FY26 dividend of 48.00 cents and EPS of 70.00 cents.

Macquarie

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

2

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

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Goldman Sachs

22/10/2024

1

Buy

$15.20

33.33%

Goldman Sachs assesses the latest Nielsen data on US wine sales trends show mixed outcomes for Treasury Wine Estates.

On the one hand, the four weeks trend (ending October 5) in 19Crimes shows modestly negative pricing and volume. On the other hand, there is clear improvement from weak July trade, points out the broker.

Overall, the analysts consider the data are in line with expectations for overall group's (ex Daou) America performance.

Buy rating and $15.20 target.

FORECAST
Goldman Sachs forecasts a full year FY25 dividend of 42.00 cents and EPS of 60.00 cents.
Goldman Sachs forecasts a full year FY26 dividend of 50.00 cents and EPS of 71.00 cents.
Access Extra Coverage Research History >

TWE STOCK CHART

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