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The Treasury Wine Estates Ltd share price just hit an all-time high

Credit: Penfolds

The Treasury Wine Estates Ltd (ASX: TWE) share price has edged higher by 1% today and reached an all-time high of $13.73.

This brings the wine company’s year-to-date return to over 28%.

Investors appear to have been impressed with its half-year results and positive outlook.

Thanks to its focus on portfolio premiumisation and strong sales growth in the Asia and Americas markets, Treasury Wine Estates delivered a 58.8% increase in first-half EBITS to $226.8 million in February.

Absent significant fluctuations in foreign exchange rates, management expects second-half EBITS growth to be broadly in line with the first-half.

Beyond FY 2017, the company is on track to deliver significant synergies from the Diageo Wine acquisition, as well as at least $100 million of run-rate COGS savings by FY 2020.

This morning Motley Fool contributor Tristan Harrison tipped Treasury Wine to be one of three ASX shares to benefit from the Asian middle-class boom.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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