David Brethon-Jones (Aequitas Investment Partners.. dunno the score there) posted this on Twitter, with the heading "Cheap can always get cheaper". It's TWE from 2012 to today.
I think the 2012 data is quite different to today, though it seems to be priced about the same. Back then, was much less premiumisation and had huge inventories due to poor sales / marketing. Now we may find our selves temporarily with less premiumisation due to the tariffs, and inventories no doubt will go up, but it's not fair to say this is the same company as 2012.
I do think there is scope for further falls, but not a lot just because of all the assets under the hood. I doubt that today is the bottom, as it will take some large holders a while to unwind. Let's wait until the FY21 numbers come out, and then you may see the bottom.. this thing could take a while to really unfold.
Happy to average down on TWE and keep the Grange in the cellar.
TWE Price at posting:
$8.66 Sentiment: Buy Disclosure: Held
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