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

$4.54

09 Jul
2026

0.030

OPEN

$4.52

0.67%

HIGH

$4.55

1,414,018

LOW

$4.48

TARGET
$5.118

+0.02 change from previous day

 12.7% 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 31.1 xxx
DPS (cps) xxx 40.0 0.0 xxx
EPS Growth xxx 100.0% - 42.3% xxx
DPS Growth xxx 11.1% N/A xxx
PE Ratio xxx N/A 14.7 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: 3.64%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 8.75

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

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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UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Morgan Stanley

05/06/2026

3

Equal-weight

$4.86

7.05%

At Treasury Wine Estates' Investor Day, management offered FY26 earnings (EBITS) guidance for the first time, which indicated to Morgan Stanley 5% sequential growth in 2H26 earnings versus the 1H26 result.

Notably, consensus expectations for FY26 earnings are at the bottom of the guidance range, and FY27 earnings (EBITS) were flagged to be at least the same as FY26. This is also broadly aligned with the FY27 consensus earnings forecast of $490m.

Cost-outs of $100m p.a. are targeted by FY29, with one-off costs of -$220m to -$260m. The analyst highlights management's expectations that the cost-outs will be cash positive post divestments.

Leverage is expected to top out at 2.9x before falling to the target of under 2.0x by the end of FY28. The brand portfolio will be simplified to fewer than 30 brands over five years from 76 brands currently.

Target price slips to $4.86 from $5.10. Equal-weight rated. Industry View: Cautious. EPS estimates are lifted slightly.

FORECAST
Morgan Stanley forecasts a full year FY26 EPS of 32.00 cents.
Morgan Stanley forecasts a full year FY27 EPS of 33.00 cents.

Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxx

$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

09/06/2026

2

Overweight

$5.00

10.13%

Jarden maintains an Overweight rating for Treasury Wine Estates with a $5.00 target price following incremental strategic disclosures at the 2026 Strategy Day.

Structural portfolio optimization will consolidate the current line-up from 76 brands down to fewer than 30 priority brands within five years.

Near-term projections point to FY26 earnings before interest, tax, and SGARA (EBITS) arriving between $480m and $490m, representing a stabilizing floor for the business.

Extended inventory rebalancing timelines across Americas distribution channels prompt a -9% to -10% reduction to FY27 and FY28 earnings estimates.

The report concludes decisive cost-out execution and streamlined logistics structures position the business to safely peak net leverage at 2.9x before returning below target thresholds by FY28.

FORECAST
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 32.60 cents.
Jarden forecasts a full year FY27 dividend of 9.00 cents and EPS of 31.30 cents.
Access Extra Coverage Research History >

TWE STOCK CHART

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