Ampol Ltd
ALD: XASX (AUS)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
A$24.00 | Kpnyf | Qplymjkcx |
Ampol Earnings: International Weighs on Otherwise Robust Performance
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.