Treasury Wine Estates Limited (ASX: TWE) stock got a rare dose of good news on 24 December 2025—and the market responded immediately.
In an ASX “initial substantial holder” filing lodged on Christmas Eve, European billionaire Olivier Goudet (via Luxembourg investment vehicle Platin SARL) surfaced with a 5.05% holding in the Penfolds owner. The disclosure helped spark a sharp rally in a stock that has spent much of 2025 being… let’s call it financially unloved. ASX Announcements
Treasury Wine Estates share price: what happened today (24.12.2025)
Treasury Wine Estates shares jumped about 7% in Sydney trading after the filing hit the market, marking the stock’s largest one-day move since September 2024 in reporting that circulated widely today. mint
Market reports put the shares around A$5.33 intraday (early afternoon Sydney time) and valued the company at roughly A$4.3 billion. mint
That reaction matters because it’s not coming off a position of strength: TWE has been battling a nasty cocktail of weaker demand in key markets, distribution disruption in the US, and a confidence shock from write-downs and guidance resets. AFR Company Announcements
The ASX filing: how big is Goudet’s stake and what does it say?
The ASX Form 603 (Notice of initial substantial holder) names Platin SARL and Olivier Goudet as the substantial holders, with the filing stating the holder became substantial on 23 December 2025. ASX Announcements
Key numbers from the document:
- Total holding disclosed:41,000,000 fully paid ordinary shares
- Voting power:5.05% (based on 811,426,445 shares on issue) ASX Announcements
- Split of holdings:Platin SARL: 37,000,000 shares; Olivier Goudet: 4,000,000 shares ASX Announcements
- Filing/signature date:24 December 2025 ASX Announcements
The annexure includes transaction details over prior months, showing purchases at prices largely in the mid–A$5 to high–A$6 range per share (based on the rows visible in the annexure). ASX Announcements
What the stake is “worth” (and why headlines vary)
Using the 41 million share figure from the filing:
- At roughly A$5.33 (levels cited in market reporting today), the stake implies ~A$218.5m in market value.
- At the prior close around A$5.01 (also cited in market commentary today), it implies ~A$205.4m.
Some coverage framed the position closer to the mid-A$200m range—consistent with the idea that the stake was accumulated at higher prices earlier in the year. (The filing’s annexure includes a number of buys above A$6/share.) ASX Announcements
Why this disclosure moved the stock
A new 5% holder doesn’t automatically mean an activist campaign, a takeover, or boardroom drama. Sometimes it’s just a big investor deciding the pain has become interesting.
But context matters. Treasury Wine’s 2025 narrative has been dominated by “reset” headlines—guidance pressure, weaker conditions in the US and China, and investor worry about the balance sheet and inventory levels. AFR Company Announcements
So a high-profile stake can act like a psychological circuit breaker:
- It signals at least one sophisticated investor sees value at current levels.
- It forces the market to re-run the “what is this company worth if the bad news stabilizes?” math.
- On a Christmas Eve early-close session, liquidity is typically thinner—moves can look bigger, faster. The ASX trading calendar lists 24 December 2025 as an early close. Australian Securities Exchange
The bigger picture: Treasury Wine’s own outlook reset (mid-December)
To understand what Goudet is buying into, you have to look back just one week.
In its 17 December 2025 investor update, Treasury Wine told the market that category dynamics had weakened further—particularly in the US and China—and that near-term improvement was now considered unlikely. AFR Company Announcements
Among the most market-moving points from that update:
- 1H26 EBITS expected at $225m–$235m (and 2H26 expected to be higher than 1H26). AFR Company Announcements
- Customer inventories in China and the US described as above optimal levels; parallel imports flagged as disrupting Penfolds pricing in China. AFR Company Announcements
- Plan to reduce customer inventory holdings in both the US and China and restrict shipments contributing to parallel import activity in China. AFR Company Announcements
- Leverage expected to reach ~2.5x at 1H26, sitting above the company’s stated 1.5–2.0x target range for about two years. AFR Company Announcements
- Launch of a transformation program, “TWE Ascent,” targeting $100m per annum in cost improvement, with initial benefits beginning in FY27 and full run-rate over 2–3 years. AFR Company Announcements
- The company’s on-market share buyback up to $200m—once a “vote of confidence” in valuation—was canceled. AFR Company Announcements
Buyback reality check: how much was actually bought back?
A separate ASX buyback filing (Appendix 3C final notification dated 17/12/2025) states Treasury Wine bought back:
- 3,989,185 shares
- for total consideration of A$30,461,681.72 AFR Company Announcements
That’s a small dent versus the originally flagged A$200m program—another reason the market has been laser-focused on capital discipline and leverage.
The impairment and the “hangover” from the US market
Earlier this month, Treasury Wine also flagged a major non-cash impairment in its US-based assets.
In its 1 December 2025 ASX announcement, TWE said it expected to recognize a non-cash impairment of US assets and that the impairment would likely write off at least all goodwill in the Americas (stated as $687.4m at 30 June 2025), with potential impacts to other assets. Wine Business
Reuters reporting around the same period described the writedown as A$687.4m (US$449.56m) and connected it to weaker American wine market conditions. Reuters
This matters for stock valuation because impairments don’t directly drain cash today—but they can be a neon sign saying: future profit expectations have come down.
Analyst forecasts and price targets as of 24 December 2025
Analyst sentiment into Christmas Eve leans cautious—not apocalyptic, but not exactly champagne-popping either.
Consensus view: “Neutral,” targets clustered around the mid-A$5s
Investing.com’s consensus snapshot for Treasury Wine Estates shows:
- Overall consensus:Neutral
- Average 12-month price target:~A$5.934
- Analyst mix shown:4 Buy, 11 Hold, 0 Sell (as displayed on that page) Investing
The same page lists multiple rating actions in mid-December (including several “Hold” calls and downgrades) as the company’s reset filtered through models. Investing
Another data point: price target cut flagged
A separate target-tracking article distributed via Nasdaq (attributed to Fintel) reported that the average one-year price target for Treasury Wine Estates was revised to $5.62, a 24.51% decrease from a prior estimate (dated 3 December 2025). Nasdaq
Different platforms compute “average targets” differently (broker universe, currency normalization, stale vs fresh notes), so treat them as directional temperature readings, not divine prophecy.
What investors will watch next
The market now has two competing storylines fighting for control of the TWE share price:
Storyline A: “Troubled winemaker, more pain ahead.”
That case leans on weaker category trends, de-stocking/inventory digestion, parallel imports in China affecting pricing power, US distribution disruption, and leverage sitting above target. AFR Company Announcements
Storyline B: “Reset is priced in, and execution can surprise.”
That case leans on the company’s brand strength (especially Penfolds), long-term optimism on Asia premiumisation, cost-out potential via TWE Ascent, and the possibility that inventory actions set up cleaner growth later—plus, now, a large new shareholder betting real money on some version of that outcome. AFR Company Announcements
Concrete upcoming catalysts include:
- Evidence that customer inventory levels in the US and China are normalizing (without destroying brand pricing).
- Any progress or disclosure around a potential settlement relating to US distributor disruption (noted as excluded from near-term expectations). AFR Company Announcements
- Updates on the impairment finalization and interim results timing (the impairment announcement linked completion of details to interim reporting). Wine Business
Bottom line on 24.12.2025: a sentiment boost, not a solved puzzle
Today’s Treasury Wine Estates stock pop is real—and it’s newsworthy—because it’s tied to something concrete: a named investor crossing the 5% substantial holder threshold. ASX Announcements
But the hard work for the business is still the same hard work it was last week: stabilize US execution, protect Penfolds pricing in China, work down excess inventory, and deliver the cost-out program without damaging the brand machine that actually prints the money.
The market just got reminded that, at least for one big buyer, the current chaos looks more like an opportunity than a reason to flee the cellar.
