Does anyone know the background of this business and how they've racked up $156m of cumulative losses on $465m of contributed equity? I've looked back the last 7 years and they've been profitable in each.
Even notorious write-offer (literally crushing thousands of bottles of excess inventory) TWE has some retained earnings. As cyclical as the wine industry is, this seems excessive. $465m equity tipped in by shareholders, racked up $156m of losses and now that equity only has a market value of $215m.
Was there some cataclysmic "one-off" event that created all those losses?
AVG : a cheap wine stock, page-21
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