Corporate Action: No-Moat Caltex Weathers Historically Low Refiner Margins and Announces Buyback
We retain our AUD 33.50 fair value estimate for no-moat Caltex. The company reported a 10% decline in underlying 2018 NPAT to AUD 558 million, slightly above AUD 533 million-AUD 553 million guidance and our AUD 543 million expectations. The earnings decline reflects lower regional refiner margins and high crude and product prices during the second half. The Caltex refiner margin fell by a quarter to USD 9.85 per barrel and an unplanned outage at Lytton refinery in October reduced EBIT by a furth...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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