Ampol Ltd

ALD: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$58.00	Vzqv	Ympsylwzf

Couche-Tard Predictably Walks, but No-Moat Caltex Is Regardless in Great Shape

Mark Taylor

Apr 20, 2020

We make no change to our AUD 34.00 fair value estimate for no-moat Caltex. The company reported first-quarter 2020 underlying EBIT of AUD 142 million, marginally ahead of the previous corresponding period’s AUD 138 million, but slightly below our expectations. We consequently reduce our 2020 EPS forecast by 9% to AUD 1.68, though much will rest on the pace at which the economy opens again in the wake of coronavirus.

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