No-Moat Refined Fuel Retailers Offer Value if You Can Look Beyond the Coronavirus Chasm

Of the three Australasian refined fuel retailers we cover, New Zealand’s no-moat Z Energy is currently the cheapest at a price/fair value estimate of 0.43, followed by Australian players no-moat Viva Energy's 0.62 and no-moat Ampol Limited's (nee Caltex Limited) 0.90. Z Energy is rated 5-stars, Viva is 4-stars and Ampol 3-stars. Ampol was in 4-star territory until recently, its shares now up by approximately 45% from coronavirus lows. Viva was in the 5-star zone, but has risen by over 50% from March lows. Z Energy, however, remains in the doldrums in 5-star territory, its shares up only 12% from pandemic lows and wallowing.