Ampol Ltd

ALD: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$31.00	Vbfr	Jdtphsxr

No-Moat Ampol Creditably Beats our Forecast in a Tough 2020; Our AUD 27.00 FVE Is Unchanged

Mark Taylor

Feb 22, 2021

Our AUD 27.00 fair value estimate for no-moat Ampol is unchanged. The company reported a 40% decline in underlying 2020 replacement cost net profit after tax, or NPAT, to AUD 207 million. This beat our AUD 186 million forecast by 11%, but we glean no material longer-term implications. The driver was largely lower-than-anticipated depreciation from the convenience retail segment. But a stronger-than-expected second-half turnaround from Lytton refinery also contributed.

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