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4-Traders Homepage  >  Equities  >  NEW ZEALAND STOCK EXCHANGE  >  Z Energy Ltd    ZEL   NZZELE0001S1

Z ENERGY LTD (ZEL)
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Z Energy : First-Half Profit Increases

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11/08/2017 | 09:17pm CET
By Ben Collins 

WELLINGTON--New Zealand fuel distributor Z Energy Ltd. (>> Z Energy Ltd) reported a 10% first-half profit rise on Thursday as it continued to reap the rewards from a 785 million New Zealand dollar (US$543) purchase of Chevron Corp.'s (>> Chevron Corporation) gas-station network in the country.

The Wellington-based company said net profit for the six months through September rose to NZ$80 million from NZ$73 million a year ago.

On a replacement cost basis--which strips out the effect of movements in oil prices by restating the cost of sales using the replacement cost of goods sold--Z Energy's half-year earnings before interest, tax, depreciation and fair-value adjustments totaled NZ$221 million. That was up from NZ$186 million a year ago.

Z Energy has aggressively expanded in recent years, settling a deal with Chevron for its Caltex-branded sites in June last year. The transaction added to the company's debt load and prompted directors to take a conservative approach to dividend payouts while it brought borrowings down.

Still, the company has been able to bring its debt levels down at a faster pace than originally expected, and is on track to reach a self-imposed net debt to Ebitdaf target of 2X a year ahead of a fiscal 2019 timetable.

The company said it would pay a first-half dividend of 10.4 New Zealand cents a share, up from 9.4 cents last year. It said its fiscal-year earnings guidance of between NZ$445 million and NZ$475 million was unchanged.

Write to Ben Collins at [email protected]

Stocks mentioned in the article : Z Energy Ltd, Chevron Corporation
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Financials ( NZD)
Sales 2018 4 176 M
EBIT 2018 369 M
Net income 2018 213 M
Debt 2018 934 M
Yield 2018 4,18%
P/E ratio 2018 14,39
P/E ratio 2019 13,30
EV / Sales 2018 0,96x
EV / Sales 2019 0,91x
Capitalization 3 060 M
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 8,16  NZD
Spread / Average Target 6,6%
EPS Revisions
Managers
NameTitle
Michael John Bennetts Chief Executive Officer
Peter Ward Griffiths Independent Chairman
Christopher William Day Chief Financial Officer
Alan Michael Dunn Independent Non-Executive Director
Abigail Kate Foote Independent Non-Executive Director
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