Caltex Moves Into New Zealand With Gull Acquisition; No Change in View
We make no change to our AUD 28 per share fair value estimate or to our earnings forecasts. Caltex has agreed to purchase Gull New Zealand for AUD 325 million and expects the transaction to be earnings-accretive in the first full year of ownership. We err on the side of caution, assuming an earnings-neutral outcome. That said, materiality is limited, given Caltex’s AUD 8.0 billion market capitalisation and our AUD 1.0 billion 2016 EBITDA forecast. Purchase consideration represents 8.2 times 2017...Caltex Australia is engaged in the purchase, refining, distribution and marketing of petroleum products and the operation of convenience stores throughout Australia. Co. has two segments: Supply and Marketing, which is an integrated transport fuel supply chain which sources refined products on the international market and sells Caltex fuels, lubricants, specialty products and convenience store goods through a network of Caltex, Caltex Woolworths and Ampol branded service stations, as well as through company owned and non-equity resellers and direct sales to corporate customers; and Lytton, which refines crude oil into petrol, diesel, jet fuel and products such as liquid petroleum gas.
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