TWE has had its challenges over the past few years, largely a result of its reliance on the Chinese market that saw the company caught up in a diplomatic spat that quickly whipped ~60% off its share price. In February they reported improved trends, particularly in America while their high margin, premium brand business did particularly well. Since then, the market has lost some interest however we think TWE will emerge from a difficult period with a stronger business overall that will enjoy better returns as the world gradually gets back to normal. While it doesn’t ‘scream value’ on an Est P/E of 24x, earnings have been depressed and year of year growth from this new base of 20% is very achievable.
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Performance update for March, stocks that drove returns & our current positioning
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Thursday 18th April – DOW -45pts, SPI +20pts
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Market Matters Research Lead Shawn Hickman with David Koch
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Wednesday 17th April – ASX200 +15pts, Evolution (EVN), Rio Tinto (RIO) & BOQ
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MM is bullish TWE ~$11
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