Forecast Step-Change in Dividends Cements Z Energy as an Income Stock
We increase our fair value estimate for no-moat Z Energy by 7.0% to NZD 8.00 per share, on a combination of forecast margin improvement and time value of money. Its fiscal 2018 replacement cost NPAT increased by 2% to NZD 206 million, 13% below our NZD 236 million forecast. However, the major driver of underperformance versus our target was higher-than-expected depreciation--and not a detractor from our fair value estimate. Replacement cost EBITDA rose 3% to NZD 442 million, at the midpoint of o...Z Energy is engaged in the marketing of petroleum based products.
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