TWE soared 11.7% yesterday following a better than expected half year result, we still saw a decline is earnings but things weren’t as bad as feared. Sales revenue fell 10.1% to $1.27bn taking net profit after tax (NPAT) down 7.5% to $109.1mn. The companies America and premium brands grew handsomely while its Penfold business as expected suffered a drop in China exports – tariffs at work. Commentary from the board was definitely on the positive side with each division on track to grow moving forward and overall we think the worst is behind the business and the stock represents good value under $12.
MM is mildly bullish TWE
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