Morningstar

Ampol Ltd ALD

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Stock XASX Rating as of
A$30.06 +0.59 (2.00%)
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As of Delayed Price Closed

Company Report

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Lack of Price Volatility Detracts From International Trading Opportunities

Mark Taylor

Ampol owns and operates a major refined petroleum product import terminal at Kurnell in Sydney and a refinery at Lytton in Brisbane. Annual refining capacity fell by half to 6.0 billion liters, about one third of company marketed volumes, when Kurnell closed. Kurnell refinery was shut in 2014 because of operational issues and unfavorable demand for the product mix. Refineries and finished product import terminals are integrated with pipelines, distribution, and marketing. The national service station network exceeds 2,000, including 350 jointly branded Ampol/Woolworths (ASX:WOW) sites.

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Price vs Fair Value

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ALD is trading at a 415% premium.
Price
A$30.06
Fair Value
A$28.00
Uncertainty
Medium
1-Star Price
A$89.31
5-Star Price
A$29.10
Economic Moat
Mvfmb
Capital Allocation
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Bulls Say, Bears Say

Bulls

Ampol is well-placed, with a leading market share in transport fuels. This position is backed by an extensive distribution network.

Bears

Ampol earnings are subject to influences outside of management control--currency, crude oil prices, and the Singapore refiner margin.

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Trading Information

Previous Close Price
A$29.47
Day Range
A$29.51–30.06
52-Week Range
A$28.11–42.35
Bid/Ask
A$31.10 / A$29.19
Market Cap
A$7.16 Bil
Volume/Avg
1.4 Mil / 1.2 Mil

Key Statistics

Price/Earnings (Normalized)
8.89
Price/Sales
0.19
Dividend Yield (Trailing)
5.99%
Dividend Yield (Forward)
5.99%
Total Yield
5.99%

Company Profile

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. It successfully completed a NZD 2.0 billion bid for New Zealand peer Z Energy in first-half 2022.
Sector
Energy
Industry
Oil & Gas Refining & Marketing
Stock Style Box
Mid Value
Total Number of Employees
8,790
Website
https://www.ampol.com.au

Competitors

Valuation

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Metric
ALD
VEA
SHELL
Price/Earnings (Normalized)
 8.8912.037.54
Price/Book Value
 2.142.151.08
Price/Sales
 0.190.200.69
Price/Cash Flow
 1.427.754.52
Price/Earnings
ALD
VEA
SHELL

Financial Strength

Metric
ALD
VEA
SHELL
Quick Ratio
 0.540.490.97
Current Ratio
 1.131.011.41
Interest Coverage
 4.591.707.08
Quick Ratio
ALD
VEA
SHELL

Profitability

Metric
ALD
VEA
SHELL
Return on Assets (Normalized)
 4.74%1.58%6.78%
Return on Equity (Normalized)
 17.75%7.70%14.74%
Return on Invested Capital (Normalized)
 10.63%6.15%10.60%
Return on Assets
ALD
VEA
SHELL

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