Report
Mark Taylor
EUR 100.00 For Business Accounts Only

Infrastructure Stays but Caltex Considers Monetisation of Real Estate. No Change to FVE

No-moat Caltex reported underlying first-half fiscal 2018 NPAT up 1% to AUD 296 million, 3% below our AUD 305 million expectations. Underlying EBIT fell 2% to AUD 443 million, beneath recent AUD 450-470 million guidance, and 4% below our AUD 460 million target. We make no change to our AUD 33.50 fair value estimate, or to our fiscal 2018 EPS forecast of AUD 2.44. The market appears unimpressed, the shares down nearly 7% upon release of the profit result. At around AUD 30.70, we think Caltex shar...
Underlying
Ampol Limited

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Mark Taylor

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