VEA – UBS rates the stock as Buy

UBS found the September quarter update positive, with both retail and commercial volumes ahead of estimates. Commercial volumes were up 11% because of strong demand in all sectors outside of aviation and wholesale.

Operating earnings were below estimates because of lower realised refining margins as Geelong sustained downtime for maintenance of the sulphur removal unit.

UBS maintains a Buy rating, expecting the business will benefit from rising demand for fuel as travel restrictions ease. Target is raised to $2.50 from $2.45.

Sector: Energy.


Target price is $2.50.Current Price is $2.36. Difference: $0.14 – (brackets indicate current price is over target). If VEA meets the UBS target it will return approximately 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).



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