No-Moat Z Energy Cements Yield Credentials With Another Policy Shift; No Change to NZD 8.30 FVE
We make no change to our NZD 8.30 fair value estimate for no-moat Z Energy, which reported lower-than-expected fiscal 2019 underlying EPS, down 14% to NZD 0.44, well below our NZD 0.51 target. However, we think the drivers of earning weakness are short term. Our fiscal 2020 EPS forecast is only marginally weaker at NZD 0.56. Underlying EBITDAF of AUD 434 million came in at the midpoint of recent upwardly revised NZD 420 million-NZD 450 million guidance. But higher-than-expected interest on deriv...Z Energy is engaged in the marketing of petroleum based products.
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