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

$8.37

23 May
2025

-0.110

OPEN

$8.41

-1.30%

HIGH

$8.49

5,129,187

LOW

$8.29

TARGET
$11.538 37.9% 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 58.6 xxx
DPS (cps) xxx 36.0 39.6 xxx
EPS Growth xxx - 63.6% 100.0% xxx
DPS Growth xxx 3.9% 10.0% xxx
PE Ratio xxx N/A 14.3 xxx
Dividend Yield xxx N/A 4.7% xxx
Div Pay Ratio(%) xxx 283.5% 67.6% xxx

Dividend yield today if purchased 3 years ago: 3.11%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.30

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

Ord Minnett

xx/xx/xxxx

3

xxxxxxxxx xx xxxx xxxx xxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxxxx xx xxxxxxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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UBS

30/04/2025

1

Buy

$14.00

67.26%

UBS retains a Buy rating and $14.00 price target on Treasury Wine Estates underpinned by accelerating Chinese demand and ongoing premiumisation efforts led by Penfolds.

China exports surged in the March 2025 quarter, according to Wine Australia data, with value up by 2,335% year-on-year, pushing exports to over $1bn.

While quarter-on-quarter volumes declined (due to Chinese New Year timing), Penfolds remains supply-constrained in meeting strong luxury wine demand, highlights the broker.

Despite subdued US wine exports and macro uncertainty, UBS remains constructive on Treasury’s strategy to reposition its Americas portfolio toward luxury, and sees multi-year Penfolds EBITS growth guidance as a key support for sentiment.

The broker sees China as a strong near-term accelerant and expects sentiment to improve as Treasury delivers on guidance despite broader industry concerns.

FORECAST
UBS forecasts a full year FY25 dividend of 38.00 cents and EPS of 56.00 cents.
UBS forecasts a full year FY26 dividend of 46.00 cents and EPS of 71.00 cents.

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

1

xxx

$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

17/02/2025

1

Buy

$12.90

54.12%

Treasury Wine Estates delivered record sales for Penfolds of $551m in the first half, underpinned by its re-entry to the China market.

After the first half results Goldman Sachs changes estimates for FY25-27 slightly, to reflect moderately stronger Penfolds and Americas business offset by slightly weaker premium brands.

If the company can demonstrate to the market its Penfolds channel sell-through and sustained growth in the US luxury portfolio, the broker expects the stock to re-rate positively. Buy rating retained. Target is $12.90.

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 49.00 cents and EPS of 70.00 cents.
Access Extra Coverage Research History >

TWE STOCK CHART

FNArena News on TWE

1
Rudi’s View: Is Buy The Dip Changing Markets?

May 21 2025 - Rudi's View
2
Weekly Ratings, Targets, Forecast Changes – 16-05-25

May 19 2025 - Weekly Reports
3
Rudi’s View: Mag7 Dominance & Profit Warnings

May 01 2025 - Rudi's View
4
Australian Broker Call *Extra* Edition – Apr 22, 2025

Apr 23 2025 - Daily Market Reports
5
Weekly Ratings, Targets, Forecast Changes – 04-04-25

Apr 07 2025 - Weekly Reports

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