Ampol Ltd
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
A$22.00 | Dpqgq | Mkmytsmvq |
Ampol: Nonrefining Earnings Growth Offsets Decline in Refining From Historical Highs
Our AUD 35 fair value estimate for no-moat Ampol stands. Australia’s largest refined fuel retailer reported unaudited fourth-quarter 2023 underlying EBIT in the vicinity of AUD 340 million, down approximately 30% on the immediately preceding quarter. We talk only in approximates as Ampol didn’t provide a figure for the quarter, saying simply that 2023 full-year EBIT is anticipated to be slightly ahead of the record AUD 1.35 billion result delivered in 2022. We marginally increased our 2023 EPS forecast to AUD 3.34, based on a slightly stronger 2023 underlying EBIT estimate of AUD 1.40 billion.