Vintage Wine Estates hits record low on bigger loss

Vintage Wine Estates

14/09/2022 20:09

(Updates)
    ** Shares of wine maker Vintage Wine Estates Inc  VWE.O 
slide ~40% to record low of $3.05
    ** Company's Q4 net loss available to common shareholders
widened to $0.24/share from $0.18/shr  urn:newsml:reuters.com:*:nL4N30K3BM
    ** Stock set to log worst session on record
    ** Telsey Advisory Group cuts rating on company's shares to
"market perform" from "outperform", citing supply chain
challenges, deteriorating macro environment, lack of visibility
on underlying financials
    ** "We believe FY23 will be challenging, as Vintage Wine
Estates embarks on a path to sales normalization" - brokerage;
Telsey halves PT to $6
    ** Canaccord Genuity downgrades to "hold", cuts PT to $5.50
from $15; says FY23 outlook with less than 20% EBITDA margins
and slow revenue growth is concerning
    ** Cowen slashes PT to $7.50 from $15, says company's FY23
revenue outlook of $300 mln-$310 mln implies essentially no
organic growth 
    ** Avg rating of 5 analysts is "buy"; median PT $7.50 -
Refinitiv
    ** VWE down ~72% this year

 (Reporting by Tiyashi Datta, Shristi Achar A in Bengaluru)
 ((tiyashi.datta@thomsonreuters.com;
Shristi.AcharA@thomsonreuters.com))