Corporate Action: Caltex’s Buyback Could Appeal to Low Tax Paying Investors but FVE Unchanged
Coinciding with the release of its results on Feb. 26, 2019, no-moat Caltex announced an off-market buyback of AUD 260 million.The buyback price is between 10% and 14% below the five-day volume-weighted average price, or VWAP, to April 12, 2019. We expect the buyback to be virtually value-neutral to Caltex, and we retain our AUD 33.50 fair value estimate. However, with much of the buyback price comprising a fully franked dividend, there could be material benefits to Australian tax payers who ha...
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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