(Bloomberg) -- Buying Napa Valley wine has never been so cheap with Treasury Wine Estates Ltd. selling at less than 80 cents on the dollar. The world’s second-largest winemaker, which owns Beringer Vineyards and Stags’ Leap Winery, was spun off by Foster’s Group Ltd. in May after it rejected a private-equity buyout for the unit last year. Treasury Wine has gained less than 3 percent since the spinoff, giving it a market value of A$2.2 billion ($2.4 billion). That’s 23 percent less than the Melbourne-based company’s net assets, the biggest discount among makers of wine or spirits, according to data compiled by Bloomberg.