Despite a Price Tumble, Treasury Wine Shares Still Look Expensive; Maintain AUD 12.30 FVE
Shares of no-moat Treasury Wine have retreated over the past several quarters, falling 25% since hitting a high in early September 2018. We’ve seen various concerns cited, including accusations of channel stuffing in China, executional issues in U.S. distribution changeover, and the ongoing international trade wars. Nonetheless, we view these issues as well-managed by the company. Treasury has noted inventory in China remains at appropriate levels, while the route-to-market changes in the U.S. a...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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