Treasury Wines FY25 result highlighted the divergent performance across its divisions. Penfolds had 17% EBITS growth and still has a good runway for growth, while the Americas was carried by DAOU acquisition synergies. Americas underlying EBITS and Treasury Premium Brands both declined. The company clearly believes its shares are under-valued with a $200 million buyback confirmed. The more interesting debate that could build is whether Treasury will consider a break-up. We value Penfolds at $7.52 per share, providing an underpinning for valuation.