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General Information

Caltex Australia Limited
CTX
http://www.caltex.com.au
Oil & Gas Refining & Marketing
9,112
270

Current Price Data+

Current Price Open High Low Last Close Volume Price Movement
$33.75 $33.74 $33.92 $33.57 $33.75 1008743 - ( No change )
  • +Security prices are delayed by least 20 minutes and are indicative only.

Current Broker Consensus Recommendation

Hold
21/05/2015
3

Company Overview

Business Description
Caltex Australia Limited (CTX) is a transport fuel supplier, convenience retailer and an integrated oil refining and marketing company. It operates two major refineries at Kurnell in Sydney and Lytton in Brisbane. The company also operates with a myriad of subsidiaries; Caltex Australia Custodians, Caltex Australia Petroleum, Caltex Fuel Services, Petroleum Services, Hunter Pipe Line Company, B&S Distributors and Jet Fuels Petroleum Distributors.
Strategy Analysis
CTX strategy is based on lifting refinery utilisation rates so it can take full advantage of excess demand for refined product in Australia. Refiner margins can be volatile but high refinery utilisation rates and strong marketing activities are important in driving operating cash flow and earnings. This allows for the reduction of debt levels and improving the return on equity and the return to shareholders. The alliance with Woolworths underpins volume growth. The CEO aims to lift CTX into the top quartile in terms of total shareholder return and to eliminate earnings volatility - a very big task. Caltex Australia reported NPAT of $57.6m for the year ended 31 December 2012. This includes significant items of approximately $309.0m (after tax), which primarily relates to provisions in respect of the closure of the Kurnell refinery. This compares favourably to the 2011 after tax loss of $713.22m, which included significant items of $1.12bn (after tax) relating to the refinery impairment. The 2012 result includes product and crude oil inventory losses of $92.0m after tax, compared with an inventory gain of $138.0m after tax in 2011. Revenues from ordinary activities were $23.26bn, up 5% from last year. Basic and Diluted EPS was 21.0 cents compared to (264.3) cents last year. Net operating cash flow was $399.74m compared to $446.4m last year. The final dividend declared was 23.0 cents, taking the full year dividend to 40.0 cents compared with 45.0 cents last year.

Financial Summary

Year to Dec NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2016 F 374.0 137.0 1.4% 24.6 84.2 2.5% 100.0%
2015 F 368.7 135.0 -23.9% 25.0 82.1 2.4% 100.0%
2014 A 484.7 177.5 50.0% 14.0 70.0 2.8% 100.0%

Peer Comparison

Company Mkt Cap EPS Growth (%) P/E (%) Dividend Yield (%)
2014 A 2015 F 2016 F 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F
Caltex (CTX) $9,112M -0.4876 2.9516 0.1544 68.9902 17.4590 15.1237 2.07% 2.72% 3.85%

Financial Summary

Earnings P/E Ratio P/B Ratio P/E Growth
Company 1.57 32.00 3.62 0.28
Market 0.99 17.00 1.32 1.59
Sector 1.18 14.20 0.58 0.34

Directors

Name Position Start Date
Mr Julian Segal Chief Executive Officer, Managing Director 01/07/2009
Ms Barbara Kay Ward Non-Executive Director 01/04/2015
Mr Greig Gailey Non-Executive Director 11/12/2007
Mr Trevor Bourne Non-Executive Director 02/03/2006
Mr Bruce William Distin Morgan Non-Executive Director 29/06/2013
Ms Elizabeth Bloomfield Bryan Non-Executive Director, Non-Executive Chairman 18/07/2002

Management

Name Position
Simon Hepworth Chief Financial Officer
Peter Lim Company Secretary
Nawal Silfani Company Secretary
Simon Willshire General Manager - Human Resources
Peter Lim General Manager - Legal & Corporate Affairs
Bruce Rosengarten General Manager - Marketing
Mike McMenamin General Manager - Strategy, Planning & Development
Andrew Brewer General Manager - Supply Chain Operations

Substantial Shareholders

Holding Name
135,000,000 (50%) Chevron Global Energy Inc

Calendar of Events

Date Event
25 March 2016 Report (Annual)
22 February 2016 Report (Prelim)
24 August 2015 Report (Interim)
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