Treasury Wine Estates Continues to Expect a Strong Fiscal 2017
We maintain our AUD 6 fair value estimate following no-moat Treasury Wine Estates’ annual general meeting. Management continues to target an operating margin before agriculture fair value adjustments, or EBITS, in the high midteens by fiscal 2018, in line with our expectations. The firm also reaffirmed its targeted for synergies from the Diageo wine acquisition and savings from supply chain improvement initiatives by fiscal 2020, which we expect will further boost operating margins to nearly 19%...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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