Z Energy Cuts Guidance but the Cause Is Likely to Be Short-Lived. NZD 8.00 FVE Unchanged.
No-moat Z Energy has revised its fiscal 2019 EBITDA guidance by 6%-7% to NZD 420-455 million after a first quarter negatively impacted by supply chain disruptions and record high pump prices curtailing demand. While disappointing, coming on the back of our only recent fair value upgrade, we don't view the drivers as long-term and our NZD 8.00 per share fair value estimate stands. So too our NZD 0.54 fiscal 2019 DPS forecast, after Z Energy reaffirmed its targeted NZD 0.50-0.55 payment. But our u...Z Energy is engaged in the marketing of petroleum based products.
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