TWE has no need to buy dud mid-market US wine labels that are...

TWE has no need to buy dud mid-market US wine labels that are hanging on by their fingernails at crazy EV multiples. It has just completed a major and expensive exercise ditching junky losers from its range of brands. Mr Market will ruthlessly punish any such mis-step.

If there is a strategic opportunity to pick up quality brands and market position, sure, go ahead, even if there is junk in the portfolio it buys. TWE is now well practiced at extracting value from redundant labels.

Ash