Treasury Wine Estates Ltd

TWE: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$35.00	Dbh	Nrnxflkk

Treasury Wine Estates Earnings: Increasing Premiumisation Improves Profitability

Angus Hewitt

Aug 15, 2023

Following the release of fiscal 2023 results, shares in Treasury Wine Estates are broadly fairly valued compared with our unchanged AUD 11.50 fair value estimate. Underlying EBIT of AUD 584 million, up 11% on fiscal 2022, was in line with our forecast and management guidance. This was despite a 13% decline in volume as Treasury continues to reposition its portfolio toward more expensive, higher-margin wines.

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