Treasury’s high-end wines should enjoy continued growth, but we don’t see an economic moat.
Following a review, we have raised our forecasts for no-moat-rated Treasury Wine Estates by around 3%, primarily reflecting an increase in volumes forecasts for the Asia business and slightly higher margin benefits from product mix changes and supply chain cost benefits across most of the group. Our fair value estimate increases to AUD 6.80 from AUD 6.60 per share. At current levels, the shares trade substantially above our fair value estimate. The stock is priced to deliver very strong growth t...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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