I understand the logic (value of goods depreciate because a key market has evaporated reducing potential future sales price), but the case with TWE is that inventories are booked in at cost of production not current market valuations. So if you look at their inventories of around $2bn, about $750m is Penfold's/Grange +5 years of age that is valued at the cost of producing the bottle and arguably is worth a magnitude greater than that. In fact, the counter point from some is that TWE is now an 'asset play' because some believe even in the current market the assets may be worth more than the equity.
TWE Price at posting:
$9.41 Sentiment: Buy Disclosure: Held
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