Z Energy Beats our 1H NPAT Forecast and Portends Higher Dividends
Our NZD 7.50 fair value estimate for Z Energy is unchanged, despite increasing our fiscal 2018 EPS forecast by 28% to NZD 0.59. The EPS upgrade reflects stronger-than-anticipated first-half fiscal 2018 NPAT, due to lower depreciation and interest and an accompanying reduction in our forecast for depreciation and interest paid. Our underlying EBITDA forecast is little changed at NZD 470 million, towards the upper end of unchanged NZD 445-475 million guidance. This implies slightly stronger second...Z Energy is engaged in the marketing of petroleum based products.
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