Cheers to Treasury Wine’s Solid 1H, but Valuation Runneth Over
No-moat Treasury Wine Estates’ first-half 2019 results keep the firm on-track to meet our near-term projections. Performance was solid, with good execution on distribution changes in the U.S. and continued market premiumisation in China leading to strong top-line growth of 16% versus the previous corresponding period, or pcp. Alongside this improved top line, Treasury enjoyed further profitability expansion. Earnings before interest, taxes, and expenses associated with the valuation of self-gene...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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