Cash Flows Impress, and We Increase Our FVE for No-Moat Caltex by 5% to AUD 32.50
We raise our fair value estimate for no-moat Caltex by 5% to AUD 32.50 per share from AUD 31.00. The drivers are (in approximately equal measure) better-than-anticipated 2017 cash earnings and the time value of money. Caltex reported an 18% increase in underlying 2017 net profit after tax to AUD 621 million, in line with our forecast, and the final dividend of AUD 0.61 was similarly close to our AUD 0.60 forecast. However, cash flow performance was considerably better than anticipated, leaving n...
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