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MarketScreener 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 CEST
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 ben.collins@wsj.com

Stocks mentioned in the article : Z Energy Ltd, Chevron Corporation
Stocks mentioned in the article
ChangeLast1st jan.
CHEVRON CORPORATION -0.56% 117.77 Delayed Quote.-5.93%
Z ENERGY LTD --End-of-day quote.
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Financials (NZD)
Sales 2019 4 779 M
EBIT 2019 328 M
Net income 2019 213 M
Debt 2019 782 M
Yield 2019 7,10%
P/E ratio 2019 12,85
P/E ratio 2020 10,77
EV / Sales 2019 0,74x
EV / Sales 2020 0,70x
Capitalization 2 732 M
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 7,95  NZD
Spread / Average Target 16%
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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