Treasury Wines long-term incentives (LTIs) have a 50% weighting to EPS growth, with the remainder split between relative total shareholder return and the Project Ascent cost savings. The focus on EPS makes an exit or sale of the Americas segment challenging given it could be around 9% EPS dilutive. While the reported asset value of the Americas is near $2.65 billion, a sale price could be closer to $850-1,000 million. Exiting the US would allow investors to focus on the appropriate value and earnings potential of Penfolds.