Peter, agree with you. The company has very sound financials and fundamentals.
My concern is however with the demerger of it's Penfolds brand. The penfolds brand brings in around half of their revenue.
Hence, if they decide to demerge (which is most likely the case), their earnings will be halved. Hence, from a valuation standpoint their future share price won't be what I would currently value it to be.
Also, yes you are right, China is a major buyer of their products but with this trade war escalating Chinese buyers will look at other ways to source their wine due to the ban.
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