Treasury Wine Estates (ASX:TWE) is fundamentally "undervalued" but the multiple is well placed to re-rate on demand from China, anticipated commercial sales from the second half of 2025, and recovery in the US markets, Jarden Research said in a Dec.9 note.
On Tuesday, the company agreed to acquire 75% of Chinese firm Ningxia Stone & Moon Winery for 130 million yuan. Terms include an option for Treasury Wine Estates to acquire the remaining 25% ownership after five years.
A growing luxury portfolio, evolving capital structure with a potential demerger, and expected earnings per share growth also add to the possibility of re-rating Treasury Wine, the investment firm said.
On a sum-of-the-parts basis, Jarden sees scope for Treasury Wine Estates to trade well above AU$14 per share.
The investment firm maintained the company's buy rating and its target price of AU$14.10.
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