Fuel Margins Are Probably as Good as They Get; No Change in View for No-Moat Z Energy
 We are increasing our fair value estimate slightly to NZD 7.50 from NZD 7.30 because of time value of money and currency. In Australian terms our AUD 6.80 fair value estimate is unchanged. At NZD 7.75, Z Energy shares trade only marginally ahead of fair value. We retain our no moat and high uncertainty ratings. We still expect Z Energy's excess returns to likely be competed away within a decade given the open petroleum infrastructure dynamics in New Zealand making barriers to entry low. Competi...Z Energy is engaged in the marketing of petroleum based products.
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