Ampol Ltd

ALD: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$97.00	Kcb	Tysjhkjc

Ampol Earnings: International Weighs on Otherwise Robust Performance

Mark Taylor

Aug 20, 2024

No-moat Ampol reported underlying first-half 2024 net profit after tax down 32% to AUD 207 million, well below our AUD 279 million forecast. The market wasn’t particularly impressed, with the shares down as much as 5% intraday. Ampol shares have fallen more than 25% since April 2024 peaks, and at around AUD 30.70 are undervalued in 4-star territory. Improvement in retail margins in response to an ongoing focus on marquee highway sites and unlocking food service potential are the likely catalysts for rerate to fair value.

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