Z Energy Shares Trend Closer to Rare Buying Opportunity; No Change in View
Z Energy shares have declined by a fourth since late August, and at NZD 7.00 trade in line with our unchanged fair value estimate. Any further material price decline could represent a rare buying opportunity for this well-supported New Zealand fuel retailer. We estimate the first-half fiscal 2017 overall fuel margin was NZD 0.21 per litre, down 19% from first-half fiscal 2016’s NZD 0.26 high-water mark. The decline reflects intense competition, fuel discounting, and Caltex NZ’s integration costs...Z Energy is engaged in the marketing of petroleum based products.
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