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Treasury Wine Estates $TWE $TWE.AX is a global premium wine producer, owner of Penfolds Grange – a collector’s item. Recently it has been hit hard by Covid-19 and China-Australia trade wars. Earnings are down, but is there an asset play? Let’s take a deep dive. 👇
1. Investment Thesis: I prefer stalwarts, but this looks like a decent one-sided asset bet with significant optionality (takeovers, divestments, new markets, completion of trade wars, or return to earnings). The sum-of-its-parts valuation shows it’s may be heavily undervalued.
2. Macro: The earliest remnants of wine date back to the Neolithic period (c.8500BC) – arguably one of the most disruption-proof industries. People will continue to drink wine I suspect for another 10,000 years toboot.. 
