TWE +2.81%: higher today after reporting FY23 results that were inline with expectations and the guidance given in late May. FY23 EBITS of $583.5 was +11% on the year despite revenue being broadly flat at $2.49bn. Margins expanded from 21.1% to 24.1% and they are guiding to 25%+, which will help to support their long-term financial objectives of sustainable top-line growth & high single-digit average earnings growth. Margins were the key positive in today’s update, despite cost inflation, while cost of restructuring, corporate costs and Americas premium volume declines were the obvious negatives.
- TWE is coming off a low base and todays update should see better times ahead, driven by their Penfolds brand.
MM is long & bullish TWE ~$11.70
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