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

$9.86

24 Mar
2025

-0.090

OPEN

$9.91

-0.90%

HIGH

$9.97

2,084,125

LOW

$9.85

TARGET
$12.98 31.6% 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 59.3 xxx
DPS (cps) xxx 36.0 39.8 xxx
EPS Growth xxx - 63.6% 100.0% xxx
DPS Growth xxx 3.9% 10.6% xxx
PE Ratio xxx N/A 16.6 xxx
Dividend Yield xxx N/A 4.0% xxx
Div Pay Ratio(%) xxx 283.5% 67.1% xxx

Dividend yield today if purchased 3 years ago: 3.10%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.62

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

1.0

No. Of Recommendations

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

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

17/02/2025

1

Buy

$14.00

41.99%

For the 1H results by Treasury Wine Estates, UBS highlights earnings (EBITS) of $391.4m slightly exceeded forecasts by the broker and consensus for $387m.

Penfolds performed above expectations while the Americas and Treasury Premium Brands (TPB) missed expectations held by the broker and consensus. UBS believes the longer term outlook for Penfolds is positive with upside risk to the growth guidance.

Disappointingly, notes the broker, management lowered earnings guidance to $780m from $780-810m (consensus $795m; UBS $790m) due to the weaker-than-expected TPB performance.

UBS lowers ESP estimates by -5% for FY25 and lifts FY26 by 2%.

A 20 cent interim dividend was declared, aligning with the consensus forecast. Target $14.00. Buy.

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.

Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$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

Goldman Sachs

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Jarden

17/02/2025

1

Buy

$13.90

40.97%

Treasury Wine Estates delivered a strong first half, ahead of expectations. Jarden found a lot to like regarding future earnings drivers, particularly demand at Penfolds which is outstripping supply.

Daou also delivered 11% growth and synergy targets have been lifted amid expectations of more than US$105m in EBIT in FY26.

The broker still considers the stock undervalued, yet negative EPS revisions reflects lower multiples from the Americas/premium brands business, which are driving sentiment. Buy rating retained. Target is reduced to $13.90 from $14.70.

FORECAST
Jarden forecasts a full year FY25 dividend of 39.00 cents and EPS of 59.30 cents.
Jarden forecasts a full year FY26 dividend of 51.00 cents and EPS of 70.80 cents.
Access Extra Coverage Research History >

TWE STOCK CHART

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