Treasury Wine Estates Ltd (FRA:T7W)
€ 6.744 -0.04 (-0.59%) Market Cap: 5.55 Bil Enterprise Value: 6.58 Bil PE Ratio: 91.59 PB Ratio: 2.04 GF Score: 75/100
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Half Year 2020 Treasury Wine Estates Ltd Earnings Call Transcript

Jan 28, 2020 / 10:00PM GMT
Release Date Price: €9.91 (-9.91%)
Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Treasury Wine Estates F '20 Half Year Results. (Operator Instructions) Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, Mr. Michael Clarke. Thank you. Please go ahead.

Michael A. Clarke
Treasury Wine Estates Limited - CEO, MD & Director

Good morning, and thank you for joining Treasury Wine Estate's Fiscal 2020 Interim Results Briefing. Joining me today is Tim Ford, our Chief Operating Officer; and Matt Young, our Chief Financial Officer.

I'd like to start the call today with a conclusion. We slightly missed H1 EBITS versus our expectations, and based on our revised full year forecast, our growth rate in F '20 will be less than previously guided. This is driven primarily by a miss in our U.S. results due to: firstly, unexpected changes in our U.S. leadership resulting in a loss of execution momentum through H1 that will carry into H2; secondly, U.S. market dynamics being that all

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