Z Energy Fair Value Upgraded 17% to NZD 7.00, No Change in View
We increase our Z Energy fair value estimate by 17% to NZD 7.00 due to a reduction in WACC from 8.6% to 8.0%, in addition to the time value of money. The change has limited immediate implication with the shares still trading at a 20% premium to fair value and our recommendation remaining Reduce. We increase the debt weighting in the WACC from 10% to 25%, more in keeping with Z Energy’s longer-term gearing levels, and reflective also of increased debt levels following purchase of Chevron NZ. The ...Z Energy is engaged in the marketing of petroleum based products.
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