Treasury Wine Reiterates Outlook at AGM, Tracking Our Expectations; Shares Remain Overvalued
No-moat Treasury Wine Estates remains on track to hit its fiscal-year 2019 outlook for 25% underlying operating income growth, in line with our expectations, after reiterating this guidance at its annual general meeting. But we caution that despite a nearly 15% decline in the company’s share price since reporting full-year fiscal 2018 results in mid-August, we continue to believe Treasury’s stock remains overvalued versus our unchanged AUD 11.70 fair value estimate.At the AGM, management noted ...
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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