Z Energy is a capable refined transport fuel retailer in a market with limited growth potential.
We increase our Z Energy fair value estimate by 4% to NZD 7.30 per share, due to the time value of money, notwithstanding substantial changes to underlying assumptions. Replacement cost fiscal 2017 NPAT of NZD 202 million beat our forecast by 25%, illuminating the impact of the Caltex NZ acquisition in greater detail. We consequently make a number of underlying assumption changes including a 25% increase in long-run assumed annual fuel volumes to almost 5.0 billion litres and a 15% reduction in ...Z Energy is engaged in the marketing of petroleum based products.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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