Horse establishment's boss (4)

I believe the answer is:

stud

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This clue could be a double definition.

'horse establishment's' is the first definition.
'stud' can be an answer for 'horse' (I know that stud is a type of stallion). I'm not sure about the 'establishment's' bit.

'boss' is the second definition.
(both can mean a metal decoration)

Can you help me to learn more?

(Other definitions for stud that I've seen before include "Macho - stable - boss" , "Jewellery item; horse breeding establishment" , "virile fellow" , "Football boot peg" , "Press to secure this" .)

I've seen this clue in the Sydney Morning Herald.

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