Crude Price Tide Finally Turns in Favour of Z Energy Following Challenging Period
We make no change to our NZD 8.00 per share fair value estimate. No-moat Z Energy reported first-half fiscal 2019 replacement cost earnings down 40% to NZD 62.7 million. This was well below our NZD 118 million forecast, but we don’t view the drivers as long-term in nature. On our measure, replacement cost earnings before interest, tax, depreciation and amortisation, or RC EBITDA, fell 24% to NZD 170 million, again well below our NZD 230 million forecast.Z Energy said the operating environment f...
Z Energy is engaged in the marketing of petroleum based products.
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