No-Moat Caltex Reports 20% 1H NPAT Improvement, in Line with Expectations.
We make no change to our AUD 30 per share fair value estimate for no-moat Caltex, following 20% improvement in underlying first-half 2017 NPAT to AUD 307 million or AUD 1.18 per share, close to our AUD 313 million forecast. We admit Caltex’s impressive gross fuel margin flies in the face of our upgraded but more hawkish AUD 5.5 cents per litre, or cpl, midcycle forecast, from AUD 5.0 prior. We hold competition will eventually eke out gains against the firm's to-date highly effective approach, fo...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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