No-moat refined fuel retailer Viva Energy reported a robust 10% increase in first-half 2024 underlying net profit after tax to AUD 192 million, albeit about 7% below our expectations. Higher-than-expected interest expense accounts for our profit overcall. Underlying group EBITDA of AUD 452 million was within the recent AUD 445 million-AUD 455 million guidance, and slightly ahead of our AUD 448 million estimate.
Viva boasts significant refined fuel distribution, supplying around 24% of Australia's national requirement; second only to Ampol.
As technology improves, highly fuel-efficient vehicles, electric vehicles, and other alternative fuel vehicles will further detract from retail fuel demand.
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Metric
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VEA
|
SHELL
|
ALD
|
|---|---|---|---|
Price/Earnings (Normalized) | 12.03 | 7.54 | 8.89 |
Price/Book Value | 2.15 | 1.08 | 2.14 |
Price/Sales | 0.20 | 0.69 | 0.19 |
Price/Cash Flow | 7.75 | 4.52 | 1.42 |
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Metric
|
VEA
|
SHELL
|
ALD
|
|---|---|---|---|
Quick Ratio | 0.49 | 0.97 | 0.54 |
Current Ratio | 1.01 | 1.41 | 1.13 |
Interest Coverage | 1.70 | 7.08 | 4.59 |
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Metric
|
VEA
|
SHELL
|
ALD
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|---|---|---|---|
Return on Assets (Normalized) | 1.58% | 6.78% | 4.74% |
Return on Equity (Normalized) | 7.70% | 14.74% | 17.75% |
Return on Invested Capital (Normalized) | 6.15% | 10.60% | 10.63% |
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United States