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Morningstar’s Analysis

Valuation
Currency in AUD
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

No-Moat Ampol’s Lytton Refinery Returns to Modest EBIT Profit. FVE Upped to AUD 28.50.

Mark Taylor Senior Equity Analyst

Analyst Note

| Mark Taylor |

Our fair value for no-moat Ampol increases marginally to AUD 28.50 including time value of money. The company reports its Lytton refinery is expected to return to a modest EBIT profit for the second quarter of 2021, even before the government’s one-off short-term support payment of AUD 40 million (not to be confused with the longer-term Fuel Security Service Payment, or FSSP, which began on July 1, 2021).

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Company Profile

Business Description

Ampol (nee Caltex) is the largest and only Australian-listed petroleum refiner and distributor, with operations in all states and territories. It was a major international brand of Chevron's until that 50% owner sold out in 2015. Caltex transitioned to Ampol branding due to Chevron terminating its licence to use the Caltex brand in Australia. Ampol has operated for more than 100 years. It owns and operates a refinery at Lytton in Brisbane, but closed Sydney's Kurnell refinery to focus on the more profitable distribution/retail segment.

Contact
2 Market Street, Level 24
Sydney, NSW, 2000, Australia
T +61 292505000
Sector Energy
Industry Oil & Gas Refining & Marketing
Most Recent Earnings
Fiscal Year End Dec 31, 2021
Stock Type
Employees 7,644

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