Caltex Checks any Remaining Market Enthusiasm with Another Guidance Downgrade. No Change to FVE.
We retain our AUD 33.50 fair value estimate for no-moat Caltex. That’s despite an 8% reduction in our 2018 EPS forecast to AUD 2.08 from AUD 2.26. The new forecast is at the midpoint of updated company guidance for replacement cost NPAT of AUD 533-553 million, and reflects the impact of lower regional refiner margins, and high crude and product prices during the second half. Further, an unplanned outage at Lytton refinery in October reduced EBIT by an additional AUD 15-20 million. We don’t expec...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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