Viva Energy Group Ltd Ordinary Shares

VEA: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$4.75	Srnv	Yxyqddlt

Viva Energy: Fuel Volumes Are Now Above Prepandemic Levels

Mark Taylor

Jan 23, 2024

Our AUD 3.35 fair value estimate for no-moat Viva Energy stands. Australia’s second-largest retailer of refined fuel reported unaudited 2023 group EBITDA down 34% to AUD 710 million, in line with our expectations. This is a creditable outcome given the strength in the oil price and generally softer economic conditions. Viva shares are up 24% from AUD 2.70 October 2023 lows and at AUD 3.35 are fairly valued, in mid-3-star territory.

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