Treasury Wine’s recent US investor tour provided a reinforcement of its direction, rather than any change. The company is clearly focused on premium wine growth, with an increased emphasis on new product development and a desire for bolt-on acquisitions. The reality for the company will be very low volume growth and a continued mix shift leading to modest revenue growth. Marketing investment may rise once EBITS margins targets are hit in our view. We expect 16% EBITS growth in FY23e and 11% in FY24e.