Caltex: Time to sell?

Full-year results confirm that Caltex has changed from a lousy business to a decent one. The share price suggests everyone knows it.

The investment case for Caltex was a simple one: what appeared, in aggregate, to be an average business was in fact a combination of a great business and a lousy one. The announced closure of the lousy business would lift the good one from obscurity and transform Caltex for the better.

We made the buy case in Caltex: a fuels errand (Buy – $18.68) and, with the business’s transformation now complete and the share price up 93%, it’s time to take profits and look for the next opportunity.

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