Caltex's First-Half 2016 NPAT in Line with Expectations, AUD 28 Fair Value Unchanged
We maintain our AUD 28 per share fair value, but increase our 2016 earnings forecasts by 5% to AUD 1.98 per share. First-half 2016 fuel supply and marketing margins were higher than expected with the AUD 6.9 cents per litre mark bettering first-half 2015's AUD 5.6 cents and just below second-half 2015's AUD 7.1 cents. We anticipate margin to fall back to a long run AUD 5.0 cents in real terms from 2019, anticipating competition to eventually eke out gains against Caltex's to-date highly effectiv...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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