# TWE - Treasury Wine Estates



## System (9 May 2011)

With over 12,000 hectares of vineyards, sales totalling over 35 million cases of wine annually, and revenues of over AU$2 billion Treasury Wine Estates (TWE) employs over 4,000 winemakers, viticulturists, sales, distribution and support staff across 12 countries.

http://www.treasurywineestates.com


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## jjbinks (20 May 2013)

from a value point of view based on eps of .2 this share seems overpriced at 6.35. 

Do you agree?

(i'm a newbie to value investing, just seeing if others agree with my assessment)


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## Knobby22 (21 May 2013)

A lot of investors are hoping for a takeover or alternatively a large drop in the $A.

I don't own any.


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## investortom (22 August 2014)

*TWE - is a bidding war going to erupt?*

Is the price going to get pushed up like WBC if a bidding war takes place? Any thoughts welcome on TWE?


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## ukulele (22 January 2016)

A very well received profit upgrade by TWE today, been in a pretty strong uptrend for at least 5 months now; but no post for ages?

I will be taking a closer look at this, hoping for a pull back on the daily.


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## Knobby22 (22 January 2016)

ukulele said:


> A very well received profit upgrade by TWE today, been in a pretty strong uptrend for at least 5 months now; but no post for ages?
> 
> I will be taking a closer look at this, hoping for a pull back on the daily.




As the $A drops TWE becomes more competitive.
I let this one drop off my radar-worth a look.


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## pixel (1 February 2018)

*In vino veritas.*
Another gap-up into Blue Sky 






Looking back 4 years, this is one helluva Success Story


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## kid hustlr (26 April 2018)

This one is just textbook and continues to go higher in one of the best trends I've seen. Surges higher, pauses, then goes again.

I've missed this one however all the signs were there with divergence on the 21 day TMF combining nicely with a BO to new highs

Note to self that at times I need to be willing to have a go at the larger cap stocks a little bit more.


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## BoNeZ (18 May 2018)

Trouble importing into China and TWE lost all this year's gains. Possible buying opportunity if the problems don't last long.

Finished the week at $16.57


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## peter2 (17 December 2018)

Price did recover as TWE's concerns with regulatory issues in China were managed. (Although one can never assume that regulatory issues with China are really sorted.)

@Miner  Your comments re AVG also mentioned TWE. I had a look at the charts. TWE looks a more promising chart based opportunity for me.

Price has been going sideways during this current period of high volatility. This and the rising TMF indicates that there's some demand and strength relative to the general market. 

Another typical reversal setup for this stage of the market. Timing may be too early but that's the traders risk to accept.


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## Miner (18 December 2018)

peter2 said:


> Price did recover as TWE's concerns with regulatory issues in China were managed. (Although one can never assume that regulatory issues with China are really sorted.)
> 
> [_USER=8351]@Miner[/USER]  Your comments re AVG also mentioned TWE. I had a look at the charts. TWE looks a more promising chart based opportunity for me._
> 
> ...



Hi Peter2
Your analysis is based on data and scientific which also confirms many paid subscribers only newsletters recommendation with  TWE as a buy. Truly none of them has so far recommended AVG 
Thanks for sharing the chart and trend.
Cheers


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## greggles (23 January 2019)

*Treasury Wines Estates top manager sacked for 'breach of internal policies'*

https://www.smh.com.au/business/com...ach-of-internal-policies-20190121-p50smm.html

I wonder what he did to get the chop? There was no "We thank Robert for his many years of hard work and dedication to TWE and we wish him all the best in his future endeavours" in the announcement. Must have been pretty bad.


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## Smurf1976 (23 January 2019)

greggles said:


> I wonder what he did to get the chop? There was no "We thank Robert for his many years of hard work and dedication to TWE and we wish him all the best in his future endeavours" in the announcement. Must have been pretty bad.



Reason they haven't said is probably because it's either simply too embarrassing to admit it was possible to occur, eg same thing done a hundred times before anyone noticed, or there are legal reasons to not state the details.


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## rnr (26 May 2019)

Possibly a 3% a-b-c correction forming over the last 6 bars. The Close of the last bar was at the Low of wave a.


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## Miner (23 June 2019)

https://mail.google.com/mail/u/1/#i...WgzBCtGTRnWbHFfpbkKBrblDRmKcsSSnTbMcfHQvlRScB
Could any one advise if the fire on winery has affected any of the wineries of TWE or GRB and similar ?
Thanks
DNH TWE or GRB however.


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## Trav. (16 December 2019)

TWE was flagged in a scan for me but has failed to hold SP. Will continue to watch this week for confirmation of pivot.


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## frugal.rock (16 December 2019)

I seem to remember that TWE may lease some property from another ASX listed company?
I can't remember what the name was. Does anyone know of it?
I remember it was Motley Fool recommended... one of the few freebies I scrounged for nix out of them. They love to send lots of junk mail and the offers get cheaper and cheaper whilst time is running out..
F.Rock


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## InsvestoBoy (16 December 2019)

RFF


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## frugal.rock (16 December 2019)

InsvestoBoy said:


> RFF



Cheers IB.
Brilliant. Such a learned mob here.
Myself excluded.
F.Rock


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## Miner (17 December 2019)

frugal.rock said:


> Cheers IB.
> Brilliant. Such a learned mob here.
> Myself excluded.
> F.Rock



Don't worry - after taking few shots of the excellent products from TWE, right side of the brain opens up and everything comes to alignment.


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## peter2 (17 December 2019)

@robbooker  This can't be THE Rob Booker who loves traders all over the world. I won't believe it until he posts a chart with a missed pivot and his favourite indicator.


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## bigdog (29 January 2020)

SP is now at 12 month low!!

ASX announcement late yesterday
28/01/2020 6:33:13 PM  *1H20 Profit Report, Revised F20 Guidance & Presentation*
https://www.asx.com.au/asxpdf/20200128/pdf/44dkp136xjxh23.pdf


Treasury Wine first-half earnings numbers have been impacted by weak trading conditions in the United States. The  group is expecting a 5% increase in first-half net profit after tax (NPAT) to $229.2 million.

Treasury Wine is forecasting a 6% increase in earnings before interest, tax and self-generating and regenerating assets (EBITS) to $366.7 million.

The big factor for SP drop has been an increase in US luxury cost of goods sold (COGS) and Australian commercial COGS. Treasury Wine is unable to recover these costs, which have eaten into its first-half profits.

TWE is forecasting EBITS growth of 5% to 10% in FY20 compared to its previous 15% to 20% guidance range. It also revised its FY21 forecast growth to a 10% to 15% range in yesterday’s announcement.

The Board has determined to pay an interim dividend of 20 cents per share, fully franked, up 11% on the previous corresponding period (pcp).

Treasury Wine Estates will host an investor and media webcast and conference call commencing at 9:00am (AEDT) on 29 January 2020 (dial-in details below). The webcast and presentation material will be available at www.tweglobal.com. A replay of the presentation will also be available on the website from approximately 1:00pm.


039


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## peter2 (29 January 2020)

Wow, looks like TWE's share price has been "right sized*" for the lower than expected future growth.





* I dislike the jargon used by the CEO in his report,  "premiumisation" strategy.


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## galumay (29 January 2020)

peter2 said:


> Wow, looks like TWE's share price has been "right sized*" for the lower than expected future growth.




Not fully, IMO!


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## sptrawler (29 January 2020)

Sounds like another Masters or Bunnings UK disaster in the making, how many times have Aussie companies tried to break into established O/S markets and had to write off $millions?
NAB into U.S banking, Telstra into HK mobile phones etc.


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## frugal.rock (29 January 2020)

Finished on it's low at $12.35...
Down $4.33 or a smidge off -26%
I have been surprised by it's run up, but definitely was the unloved child today!
A few interesting late trades also...
would post a picture, but don't know how?





Cheers
F.Rock
PS, finally worked out how to post a picture...


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## Dona Ferentes (29 January 2020)

oh well, hoping to be able to pick up 2017 Wynns Coonawarra Shiraz for $11 ($10.40 in a half dozen) for a few more weeks. Cellars well, still.

A double whammy with China market being belted, right now.


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## sptrawler (29 January 2020)

I guess the trick is finding an entry point, they have a very good stable of brands, so one would think eventually they will turn it around.
Unless of course this is just a continuation of the change in consumer priorities, that we have been discussing in the thread 'retail wreckage'.
Maybe people are moving away from the snob value of high price wine, same as the move away from designer shoes, clothes, phones etc and are just buying for the buzz not the perceived flavour?.

Good article today in the SMH regarding the Treasury wines result.

https://www.smh.com.au/business/com...with-a-pounding-headache-20200129-p53vtq.html


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## tinhat (29 January 2020)

sptrawler said:


> I guess the trick is finding an entry point, they have a very good stable of brands, so one would think eventually they will turn it around.
> Unless of course this is just a continuation of the change in consumer priorities, that we have been discussing in the thread 'retail wreckage'.
> Maybe people are moving away from the snob value of high price wine, same as the move away from designer shoes, clothes, phones etc and are just buying for the buzz not the perceived flavour?.
> 
> ...




I don't keep my eye on TWE because it's not a stock I am interested in owning. I did listen to an interview with a fund manager recently who picked it as a stock to invest in because she sees it as an emerging global branding and marketing behemoth in the wine industry. That got me interested because I started thinking about how concentrated the beverage industry has become around a few multi-national giants and the same thing is happening in dairy and I did have a look at the chart just recently.

I don't know what it is about the wine industry but for some reason it has always seemed to suffer from a glut of supply at the mass market end. Which is interesting because traditionally it is one of the most capital intensive forms of agriculture on a per acre basis (although I guess agriculture is getting more and capital intensive). Trellising up vines and producing wine is capital intensive. There has been talk about Treasury channel stuffing (as discussed in the article) for a few years now. There were complaints coming out of China a couple of years back that in order for merchants to get their hands on the more scarce premium Penfolds label wines they were being forced by Treasury reps to also take on the cheaper stuff they didn't want to have and as I recall that lead to some pushback from the Chinese buyers and some holding up of imports.

Don't get me wrong. I love drinking wine (I just came inside after sharing a bottle of red with the neighbour), but don't know I would invest in it.


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## Dona Ferentes (17 February 2020)

The bigger picture for WINE looking blurry: incrementally rising production, good recent vintages and declining consumption. Essentially a USA view but clearly TWE will be impacted. Wine likely to stay cheap for a while..

https://amp-cnn-com.cdn.ampproject.org/v/s/amp.cnn.com/cnn/2020/02/16/business/grape-surplus-cheap-wine-trnd/index.html?amp_js_v=a3&amp_gsa=1&usqp=mq331AQCKAE=#referrer=https://www.google.com&amp_tf=From %1$s&ampshare=https://www.cnn.com/2020/02/16/business/grape-surplus-cheap-wine-trnd/index.html

The poor report may have already been priced in, but don't expect a bounce.


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## Dona Ferentes (17 February 2020)




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## frugal.rock (17 February 2020)

Have been checking in with TWE and Kogan after their recent dumping.
The latter of the 2 seems to be the likeliest contender for a bounce back. 
Starting to think, it won't be a bounce, more likely a slow retrace.
Like the ones that you miss, because they are slow.... 
Current market is hard to predict, so am remaining bearish hoping to snag opportunities as they appear.
However, a good news Ann on the right day, could make the above obsolete. 
Need a few ducks lining up...!
F.Rock


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## sptrawler (25 February 2020)

Second profit downgrade for Treasury wines.
https://www.asx.com.au/asxpdf/20200225/pdf/44ffgqjrg03ht3.pdf


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## Miner (25 February 2020)

sptrawler said:


> Second profit downgrade for Treasury wines.
> https://www.asx.com.au/asxpdf/20200225/pdf/44ffgqjrg03ht3.pdf



Reading through AFR, does not matter what TWE is facing glut on wine selling in USA. I have taken the courage to get out of TWE but re-enter again . Hope to buy some expensive red wines at discounted prices proportional to TWE stock price down hill


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## Dona Ferentes (1 May 2020)

Now FGL is no longer listed, it falls to the wine sector to roll with the market, perhaps. 



> People aren’t sitting at home drinking 10 times what they were before, which some of the anecdotes suggest. The reality is we [CUB] are half the market and beer sales have plummeted since March. When people are in isolation there are less drinking occasions happening among family and friends which results in underlying consumption being reduced”



_Peter Filipovic, CEO, Carlton & United Breweries_


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## peter2 (7 July 2020)

TWE has struggled to rally with the market after the Covid selloff. The chart is looking much more bullish now and is "coiled" for a break-out. 

I'm not interested in TWE for the sole reason that they rely on the Chinese market in order to grow their business. We've already seen that China will "quarantine" shipments on arrival and this makes it a "never to be traded" company for me.


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## Dona Ferentes (9 July 2020)

struggle struggle with industrial ethanol (masstige)

Treasury Wine Estates has warned of a 21 per cent decline in earnings due to the impact of COVID-19 and telegraphed a potential demerger of Penfolds by the end of the 2021 calendar year. The first major update from new CEO Tim Ford says the wine maker expects earnings before interest, tax and agricultural accounting standard SGARA to be between $530 million and $540 million. The company had previously guided to EBITS growth of between 5 per cent and 10 per cent.

F20 EBITS has declined against the prior year by approximately 21 per cent for the group, with regional declines of approximately 14 per cent in Asia, 37 per cent in the Americas, 16 per cent in ANZ and 18 per cent in EMEA.


> "While it is right to remain cautious on the near-term outlook, given uncertainty remains around the timing and pace of recovery in our key markets, we remain optimistic around our return to both margin and profit growth," says Mr Ford.



_- of course, it's only right an incoming CEO delivers the bad news 

.... and,
On the potential demerger of Penfolds, the company says "work completed since the market announcement in April continues to validate the expectation that value will be created through a separate focus for both Penfolds and TWE’s other brands, globally". "Optionality exists as to the best operating model to extract that value, including a potential demerger by the end of calendar year 2021."
_


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## Trav. (13 July 2020)

Some wise words above but TWE up 4.2% today.... go figure


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## peter2 (18 August 2020)

peter2 said:


> I'm not interested in TWE for the sole reason that they rely on the Chinese market in order to grow their business. We've already seen that China will "quarantine" shipments on arrival and this makes it a "never to be traded" company for me.




I hope some ASF members avoided getting hit by China's latest political salvo that has sent TWE shares plunging.


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## Porper (18 August 2020)

peter2 said:


> I hope some ASF members avoided getting hit by China's latest political salvo that has sent TWE shares plunging.




Unfortunately I was holding. Stop hit, small loss...moving on.

It's funny how you get a run of these shocks sometimes. I have been stopped out of 3 over the past few weeks, whacked by announcements. Luck changes... both good and bad. Just part and parcel of the process.


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## Cam019 (18 August 2020)

peter2 said:


> I hope some ASF members avoided getting hit by China's latest political salvo that has sent TWE shares plunging.



Bought yesterday, got smoked a little today. Way off my stop currently. Will hold until the system says otherwise.


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## peter2 (5 November 2020)

TWE exec's being very diplomatic but they must be seething as China continues to play games with the Aust wine industry.

When China stops playing with the wine industry TWE is going to be a great buy. Not for me. Too much China risk.


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## Smurf1976 (27 November 2020)

peter2 said:


> TWE exec's being very diplomatic but they must be seething as China continues to play games with the Aust wine industry.



This now seems to have blown up with the share price down 11.25% today and the company's shares placed in a trading halt.

https://www.abc.net.au/news/2020-11-27/china-puts-tariffs-on-australian-wine-trade-tensions/12886700



> The Chinese Government has announced it will place tariffs on all Australian wine imports from tomorrow, striking a blow to the $1.2 billion-a-year industry.






> The deposits, which effectively work like tariffs, will range from between 107 per cent to more than 200 per cent.




Anyone have thoughts on what the company's shares ought really be worth given the circumstances? I'm thinking that China isn't their only market presumably?


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## Trav. (27 November 2020)

Smurf1976 said:


> This now seems to have blown up with the share price down 11.25% today and the company's shares placed in a trading halt.



I bought yesterday of course  not good timing on my behalf.

No real idea of where it will drop to, but I will look to grab a few more when it gets dumped.


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## tinhat (29 November 2020)

Smurf1976 said:


> This now seems to have blown up with the share price down 11.25% today and the company's shares placed in a trading halt.
> 
> https://www.abc.net.au/news/2020-11-27/china-puts-tariffs-on-australian-wine-trade-tensions/12886700
> 
> ...




I posted my thoughts on 29 January 2020.

There might be a point at which TWE is worth buying. I'll wait for the technical indicators to think about that.


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## frugal.rock (29 November 2020)

With Australia running to the WTO about China, I can't see many trade conditions getting better.
In fact, if we keep being a "pestilence" to them, I don't wish to point out the consequences.
Any stocks where the product is being sold to China is off limits now to me personally.
Just recipes for disaster.


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## Miner (18 February 2021)

Today TWE became the best performer on ASX (ASX 200) - 17.45 %  following yesterday's result declaration.
When i looked into it 


			https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02342143-3A561373?access_token=83ff96335c2d45a094df02a206a39ff4
		

Headline says 
EBITS down and so is EBITS margin.
NPAT down 24%  and so EPS down by 24% 
But price up.
Was it because 1H2 expectation is very high and market has discounted TWE price miserably low already ?
I was guessing (as always) the worst could have been over and only couple of days back or so, bought a small lot @$10. With NCM sliding down with few others, TWE helped to keep the stability.
Could the experts and TWE holders/followers  please provide commentary on TWE and how market got so excited ?
Thanks


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## galumay (18 February 2021)

I have no idea @Miner, its not a business I have ever had any interest in, but a quick look at its metrics and its not a business I would pay $10 for, I dont have explanations for much of what goes on in the current market, but being up nearly 20% on those results is batshit crazy!

Given my lack of knowledge it will probably be up another 20% tomorrow!!


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## Miner (18 February 2021)

galumay said:


> I have no idea @Miner, its not a business I have ever had any interest in, but a quick look at its metrics and its not a business I would pay $10 for, I dont have explanations for much of what goes on in the current market, but being up nearly 20% on those results is batshit crazy!
> 
> Given my lack of knowledge it will probably be up another 20% tomorrow!!



@galumay  I reckon the whole night research will bring down TWE to normalcy.
I should have sold out with massive gain over two days hod even there will be a tax.
But my luck, price rises when I sell and drops down when I hold.
I do not believe TWE would go up by any percentage after reading the reports.
Only silver linings are CEO's bombardistic optimism (must have the best wine consumed) and hint  of breaking the business into product base.
I noticed Motley on its free website quoted Citi's prediction of TWE value being $8.62 and SELL. I never rely on Citi nor MF.
Sharing just for fun to show how wrong the white collared instos are or could be


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## sptrawler (19 February 2021)

Hey miner, wine is like everything else these days, this generation doesnt give a rats what it taste like as long as they get muted.
Same with antiques and collectibles all heading to the tip bro.lol
Trying to sell $20 bottles in asia is hard and trying to sell it in Aus is harder, the ones who bought it ie older aussies, are struggling with crap interest rates.
Penfolds wont get on the gravy train for 5 to 10 years.
Just my opinion


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## Dona Ferentes (8 March 2021)

> stumble with China; then let's make it in the US




_The 19 Crimes brand, which is heavily linked in its marketing with American rapper Snoop Dogg, has been a star performer for Treasury Wines. A new 19 Crimes Cali Red and Cali Rose which features Snoop Dogg’s face on the label brought a flood of new buyers._


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## Dona Ferentes (20 August 2021)

Dona Ferentes said:


> _The 19 Crimes brand, which is heavily linked in its marketing with American rapper Snoop Dogg, has been a star performer for Treasury Wines. A new 19 Crimes Cali Red and Cali Rose which features Snoop Dogg’s face on the label brought a flood of new buyers._



_and indeed it has._

TWE shareprice is up 50% from the dark days of Xi argy-bargy last year.

_Now, 18 months after the tariffs and the insults from China TWE’s 2020-21 profit beat expectations with growth restored despite losing nearly $80 million in earnings due to China’s tariffs.

Treasury said in its profit release on Thursday net profit after tax, excluding significant items and accounting standard SGARA, grew 3% to $309.6 million for the year, slightly ahead of forecasts and an improvement on last year when earnings dropped 25% as the impact of the China lockout hit hard.

Total sales at the business fell 3% to $2.5 billion but the company managed to boost margins and earnings from other markets, especially the US and Australia.

TWE declared a 13 cents per share final dividend, up 62.5% increase on the prior year’s 8 cents a share final dividend; along with the 15 cents a share interim, total dividends for the year will equal 2019-20’s 28 cents a share.

TWE said it had lost $77.3 million in earnings in China thanks to the tariffs, but noted this was mostly offset by growth across other regions in Asia such as Hong Kong, Singapore and Thailand. Total earnings for the region fell 15%.

Treasury’s US business performed strongly, raising its earnings by 23% to $168.3 million, thanks largely to the company’s mid-priced Premium Brands division.

Australian earnings rose 10% to $142.7 million. CEO Tim Ford said the result was a testament to Treasury’s resilience in the face of a tough year.

TWE took advantage of solid cash flows to knock $376.5m million off net debt to $1.057 million at the end of June._



> _Looking to the current financial year, Mr Ford said the company would continue its focus outside of China and warned that costs would remain elevated due to the higher costs of last year’s premium vintages.  Mr Ford said that short-term impacts of COVID remained uncertain for the company with areas such as travel retail remained severely impacted by the pandemic._


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## Dona Ferentes (11 March 2022)

*Matthew Kidman: *Welcome to* Buy Hold Sell. *My name is Matthew Kidman. And today, we’re going to review the profit reporting season - the best and some of the worst. And to talk about it, we’ve got Blake Henricks from Firetrail and Michelle Lopez from abrdn.

Michelle, let’s start with you. Treasury Wines, I thought it was all over. China said no more wine from Australia, but it’s done pretty well. The result was quite good. Buy, hold or sell?

*Michelle Lopez (HOLD): *_It has done well, so it’s a hold. And to give credit where credit is due, they have done a phenomenal job in pivoting their sales from China into other parts of the market, particularly with their Penfolds brand. The issue that we see from here is that margins are going to stabilise, but they’re going to stabilise lower. And they’re facing some pretty significant cost increases. Yes, we’ve got the increases from the supply chain, which is affecting everyone, but they’ve also got fires and droughts that they’ve been battling. And then when you look at the valuation, we just don’t think that there is much upside from here. It’s trading about at a 15 per cent discount to its long term forward PE. So it’s a hold._

*Matthew Kidman: *Treasury was one of those ones, Blake, that there was not a lot of great expectations around. It came out, a bit better. Bang! It was up around 10 per cent on day one. Buy, hold or sell?

*Blake Henricks (HOLD): *_It’s a hold for us as well. I mean, I’ve never been so wrong about something in my life. When they lost China I just thought, we’ll come back in five years and maybe we’ll mend fences and they can get it. But they’ve actually re-allocated 50 per cent of those China sales back into other parts of Asia. They think, in the next two years, they will have re-allocated 100 per cent. So, management has done an amazing job. I think the question is still going to be about sustainability. So you’ve got to do your work and work out how sustainable you think that’s going to be._


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## JohnDe (11 May 2022)

Trying to give the French a run for their money?



> Treasury uncorks top shelf Barossa wine plant​
> Australia’s largest listed wine company Treasury Wine Estates has unveiled its new $165 million production facility in the Barossa, which it claims to be the “largest premium winemaking site in the Southern Hemisphere”.
> 
> TWE, which produces several leading South Australian wine brands including Penfolds, Wolf Blass, Wynns and Pepperjack, says the state-of-the-art wine production facility in Nuriootpa has the capacity to produce more than 100 million litres of wine every year.
> ...


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## JohnDe (26 July 2022)

I once considered holding TWE, not anymore. Too many storm clouds, but they have done an excellent job of holding the SP at a reasonable level even if it is a roller coaster.



> *China was once a billion dollar market for Australian wine, now it is a market the same size as Sweden*
> 
> The mainland Chinese market, once a goldmine for Australian winemakers as local drinkers filled their glasses and banquet tables with more than $1bn a year in Australian wine, has been crushed to become just a tiddler $25m market following years of political tensions and punishing trade tariffs.
> 
> ...


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## Dona Ferentes (26 July 2022)

Next vintage of Grange has a $1000 rrp


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## JohnDe (10 August 2022)

Justice prevails.



> *Treasury Wine Estates scores rare victory in Chinese court against Rush Rich over Penfolds copycat*
> 
> Treasury Wine Estates has received a landmark win in the Supreme People’s Court of China against Chinese-Australian company Rush Rich which it alleges has been copycatting its Penfolds wine in China.
> 
> ...


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## JohnDe (30 September 2022)

Management at TWE have decided to produce and wines in China and sell it under the Penfolds name. Disgraceful, I say.

China hit them with a huge tax, so TWE decide to show China how to grow and produce our best.

Penfold's founders will be turning in their graves. There has been a bit of a backlash from Aussie customers. I wonder how far this will go.



> Penfolds’ Chinese made wine hits shelves​The luxury drinks group may consider exporting its new Chinese made wine in the future as it expands its foothold in the fledgling Chinese wine industry.
> 
> Penfolds could consider exporting its Chinese made wine in the future as it expands its foothold in the fledgling Chinese wine industry, according to its Shanghai-based chief executive Tom King.
> 
> ...


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