Coat the beef in the flour. Heat a few tablespoons of the oil in a large skillet over medium-high heat. Brown the meat, a few pieces at a time, adding more oil as necessary.
Transfer to a heavy casserole or a heavy, covered saucepan or Dutch oven. Add the onions to the skillet and cook over medium heat until tender, about 10 minutes.
Stir in the tomato paste and coat the onions; transfer to the casserole. Pour the wine into the skillet and scrape up any browned bits; add to the casserole. Stir in the broth, salt, thyme, and bay leaf.
Cook in the casserole in a 180° C oven for 4 hours, or in the saucepan or Dutch oven on the stovetop over low heat for about 2 1/2 hours.
In either case, stir occasionally and add up to 1 cup of additional beef broth if necessary. Add the potatoes and carrots during the last hour of cooking, and the peas just before serving.
To Reheat: Thaw the stew overnight in the refrigerator or thaw partially in the microwave. Warm in a covered saucepan over medium-low heat for about 20 minutes, adding the peas during the last 5 minutes.