No-Moat Caltex Enters into Strategic Partnership in the Philippines. No Change to FVE
Caltex has entered into a strategic partnership with Seaoil Philippines, including the acquisition of 20% equity in Seaoil for AUD 115 million. The comparatively minor acquisition has no material impact on our AUD 31.00 fair value estimate. The more interesting question is will Caltex’s international expansion, so far capturing Seaoil and the recent Gull New Zealand acquisition, prove a worthy one; the roads are littered with unsuccessful examples. The question doesn’t need to be answered immedi...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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