Lifting Treasury Wine's FVE, but Shares in the No-Moat Firm Still Look Overripe
We’ve increased our fair value estimate for Treasury Wine Estates to AUD 8.50 from AUD 6.80 after transitioning to a new analyst. We expect the focus on selling more expensive premium wines to benefit Treasury, leading to market share gains in Australasia and the U.S., along with continued high growth in the firm’s Chinese business. But we still do not believe the company possesses an economic moat, and in our opinion, the market has priced the stock for perfection. We believe the current share ...Treasury Wine Estates is engaged in viticulture and winemaking, and the marketing, sale and distribution of wine. Co.'s wine portfolio includes wine brands such as Penfolds, Beringer, Lindeman's, Wolf Blass, Stags' Leap, Chateau St Jean, Beaulieu Vineyard and Sterling Vineyards. Co. also distributes beer and cider under license in New Zealand and provides contract bottling services to third parties. Co. maintains its operations in four regions: Australia and New Zealand, Asia, Europe, and Americas.
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