Caltex FVE Upgraded 3% to AUD 33.50 on Higher Supply & Marketing Margin Assumption
We increase our fair value estimate for no-moat Caltex by 3% to AUD 33.50 per share from AUD 32.50. In addition to the time value of money, the change reflects midcycle assumption modifications including a favourable decrease in the AUD/USD exchange rate to 0.76 from 0.80, an unfavourable decrease in refining margin to AUD 60 per kilolitre in 2022 dollars from AUD 65, and a positive increase in marketing & supply margin to AUD 0.066 per litre in 2022 dollars from AUD 0.061. The positives mar...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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