The company will delay its on-market buyback to assess the longer-term impact of the coronavirus crisis. Capital expenditure will be reduced to preserve cash flow.
Credit Suisse reduces earnings estimates to allow for lower refining margin assumptions, somewhat offset by upgraded retail fuel margin assumptions. Neutral maintained. Target is reduced to $1.35 from $1.36.
Target price is $1.35.Current Price is $1.34. Difference: $0.01 – (brackets indicate current price is over target). If VEA meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).