Treasury Wine’s Strong Execution is a 1H Highlight; Raising FVE, but Shares Still Overvalued
Treasury Wine Estates continued to drive impressive profit growth in the first half of fiscal 2018, tracking our full-year forecast. But the firm is on pace to deliver even greater improvement in fiscal 2019, beyond what we previously assumed, and we raise our fair value estimate to AUD 10.10 from AUD 8.50. However, despite this increase, we believe shares of the no-moat firm remain substantially overvalued.Treasury has done a nice job transforming and repairing its business over the past few y...
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.
We have operations in 27 countries.
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