Shell fuel refiner and retailer Viva Energy (ASX:VEA) has reported a rise in half-year profit, driven by strong earnings from its refining business. This gain offset a slowdown in fuel sales volumes and a significantly higher interest and finance bill resulting from the takeover of a major Adelaide-based convenience and fuel retailer.
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Viva Energy Group (ASX:VEA), the Australian licensee of Shell, has reported a 5.7% increase in fuel sales volume for the six months ending June 30. This growth trajectory was primarily driven by a robust performance in the commercial and industrial sector, which offset a decline in the traditionally higher-volume retail segment.
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In its second decision on Thursday regarding a significant acquisition, the ACCC has announced its approval of Viva Energy's proposed acquisition of the convenience store chain, OTR Group. The decision comes after the Commission accepted a court-enforceable undertaking from Viva Energy, committing to divest 25 Coles Express sites in South Australia.
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Market punters can rest easy now as the sale of a block stake in Viva Energy (ASX:VEA), Australia's second oil refinery and petrol (Shell) group, has been completed.
Read MoreAmong the stories doing the rounds during Wednesday’s ASX trading session were these two from Viva Energy and Estia Health.
Read MoreViva Energy, the owner of the Shell brand in Australia, is making a big bet – with plans to spend a total of $1.4 billion on dramatically expanding itself into non-fuel retailing.
Read MoreThe high prices at the pump seem to be having a mixed impact on petrol refiner / retailer Viva Energy, with earnings strong despite a marked weakening in petrol sales around the country.
Read MoreOil price strength has fattened profit margins up the production, distribution and retail chains, with local refiners Viva and Ampol among those reaping the bottom-line benefits.
Read MoreThe broker retains its Outperform rating and $2.57 target price.
Read MoreViva Energy has given the go-ahead to a $300 million upgrade of its Geelong oil refinery to comply with new emissions limits and ensure the plant can continue operating.
Read MoreAustralian refiners Ampol and Viva Energy say they will stop using Russian crude oil in their plants after shipments currently en route arrive, making them the country’s last two to do so.
Read MoreUBS 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.
Read MoreAs the reporting season winds down, here are snippets from the results announced yesterday by Kerry Stokes-controlled Boral Limited and fuel supplier Viva Energy Group.
Read MoreBuy retained. Target rises to $2.45 from $2.35.
Read MoreA year on from the depths of the pandemic, oil refinery and service station operator Viva Energy has produced an upgrade amidst the current round of lockdowns.
Read MoreViva Energy has followed its rival Ampol in revealing the damage done to the refining, distribution and retailing of oil and petrol products by COVID.
Read MoreViva Energy will participate in an interim refinery production payment program provided by the Commonwealth government. CS retains a Neutral rating and raises the target to $2.03 from $1.78.
Read MoreThe September quarter update was largely in line with Credit Suisse forecasts. The sustainability of the refinery is a large issue that the broker believes is not sufficiently embedded in investor thinking.
Read MoreInvestors seem to be fairly relaxed by the threat from Viva Energy to shut its Geelong oil refinery. Demand for petrol, distillates, and especially jet fuel have been cut by the lockdowns, with the latter likely to be a long term concern.
Read MoreThe share price of Viva Energy, Australia’s other listed oil refiner and marketer jumped more than 15% in yesterday’s big market surge but there hasn’t been a surge in demand for oil, petrol, jet fuel or chemicals.
Read MoreThe downturn in demand for energy, especially petrol and jet fuel is hitting the Australian refining and distribution sector with Viva Energy saying it’s Geelong refinery would be shutting down major processing units and scaling back output as the coronavirus crisis cuts demand for fuel.
Read MoreThe 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.
Read MoreIn more normal times – and nothing is normal at the moment – low oil prices benefit the global economy and stocks such as manufacturers and transport companies. Tim Boreham outlines those Australian companies which stand to benefit from significantly lower energy prices.
Read MoreViva Energy’s result was in line with recently downgraded guidance, although overall quality was better than expected, the broker notes. An announced $680m off-market buyback is a clear positive. The broker suspects earnings may have bottomed.
Read More2019 guidance for operating earnings (EBITDA) of $371-401m is -15% below UBS estimates. The broker notes the business is, by its nature, volatile and that is reflected in the high PE discount to the market.
Read MoreDespite higher refining margins, the focus is on Viva Energy’s retail fuel offering, which is likely to remain pressured by competition.
Read MoreViva Energy’s Sep Q update revealed refiner margins ahead of forecasts but retail margins remaining soft. This comes out as a net positive, with UBS suggesting 9% upside to consensus forecasts on better refiner margins with some offset from weak retail.
Read MoreViva Energy Group’s first-half result met June guidance and Morgans’ forecasts as tough operating conditions persisted across retail, refining, and commercial.
Read MoreViva’s update confirmed refinery earnings are even worse than the broker had feared, but there are signs of strength in Fuels & Marketing relative to the weak update provided by Caltex ((CTX)) last week. The broker doesn’t believe refining margins can get much worse, and retail margins are showing signs of improvement.
Read MoreThe company reported an improved gross refining margin in March of US$6.50 a barrel. Crude intake was also higher in March. Morgans notes the rise in oil prices has hurt retail fuel margins.
Read MoreOil refiner and retailer Viva Energy has been bitten by rising global oil prices – not only have earnings taken a $35 million because of the sharp rise in oil prices so far this year but that it expects more pain to come.
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DOWNLOAD RESEARCH REPORTSecures binding contract with Tier-1 OEMUS based anode active project gathers momentumMagnis Energy Technologies (MNS.ASX) – MNS is planning an anode active facility in the US and recently announced a binding, yet conditional, contract for the supply of anode active with Tesla. The contract is for a minimum 17.5kt/year with an option to purchase another 17.5t/year. Conditions precedent carry a tight development timeframe, with first production scheduled for February 2025. Site selection is underway and co-locating with an OEM on a brownfields site makes sense. Long lead items have been ordered and detailed engineering and design is expected to commence soon. |
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December Quarterly Report: Q2 FY2023Looking past the rain – there’s a rainbow.TerraCom released their operating results for the December quarter FY2023 with operating metrics being in line with our forecasts. Unseasonal rains in both Australia and South Africa contributed to operational and logistical issues across all mines, however guidance for annual production at Blair Athol is unaffected and highlights the quality of TerraCom’s skills in operational management. We continue to like the stable operating metrics around the company’s Australian operations and see potential for the South African operations to benefit from increased management focus given the rationalisation of operations following the closure of the Ubuntu mine. Corporate Connects overall financials remain unchanged as does our target price of $1.35 share. We maintain our forecast for a fully franked quarterly dividend of 7.5c/share to be paid in the March and June quarters of FY2023. |
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DOWNLOAD RESEARCH REPORTHigh performance synthetic anode & cathode materials Building a US based materials supply chainNOVONIX (ASX:NVX) – is scaling a synthetic anode materials plant in the US and piloting nickel rich cathode material in Canada. Why? China is dominant and growing – 100% of global natural anode and 68% of synthetic anode is refined in China. In short, China controls the global midstream battery chain by controlling 60% of chemical refining, 87% of anode manufacturing, 61% of cathode manufacturing and 73% of battery manufacturing. It is global battery supply and price domination at scale. |
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DOWNLOAD RESEARCH REPORTAntisense Therapeutics (ANP) Taking a Quick Approach to Long COVIDThis report looks at the results of a collaborative study Antisense undertook which looked at the largest protein expression database in Long COVID-19 patients who experienced neurologic symptoms well after the primary or acute SARS-CoV-2 infection was considered over (Groups 1 & 2, with 48 subjects Group 2 comprising a single patient from a different clinical site). The symptoms and others experienced by such patients result in a highly significant amount of illness, possibly more than all primary SARS-CoV-2 infections i.e COVID-19. |
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DOWNLOAD RESEARCH REPORT4Q reveals more focus on profit and cash flow• LBY’s 4Q FY22 quarterly activities update showed continued solid growth in top line metrics, albeit slowing, with GMV of NZ$203m (+26% on pcp) and income of NZ$12.1m (+23% on pcp).
• Net Transaction Margin (NTM) disappointed at -0.5%, due to further increase in credit losses from 4.0% to 4.9% of GMV. However, new fraud and credit risk management tools have seen losses recover materially with NTM back to 1.2% in March and LBY is confident of further recovery in coming months.
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DOWNLOAD RESEARCH REPORTSigns MOU with Ford Company – Kachi is now sold out!Lake Resources (LKE. ASX) – LKE has signed two non-binding MOU’s in the space of 10 days. Ford Company (Ford) has signed an MOU for ~25,000t/year and last week Hanwa, a Japanese commodity trader signed a MOU for up to 25,000t/year. Subject to execution, this is an amazing feat as Ford and Hanwa are prepared to enter into longer-term strategic partnerships with LKE. Commercial negotiations are still ongoing but are expected, especially if Ford & Hanwa inject new equity into LKE, to further de-risk the project financing & thus ensure LKE and Kachi are fully funded. |
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DOWNLOAD RESEARCH REPORTStrategic Vanadium-battery growth with Titanium & Iron earnings resiliencyTNG Ltd is an ASX-listed technology owner and developer of the world-class Mount Peake near-surface vanadiferous titanomagnetite deposit. To unlock value, TNG will concentrate ore from its central Northern Territory mine for processing through its patented TIVAN® process produce three premium quality revenue streams: hi-purity vanadium pentoxide (V2O5) for steel alloys and Vanadium Redox Flow batteries, a quality titanium pigment for paints and a premium steel input with >64%Fe iron ore fines. |
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Promising exploration and development update while SOP prices continue to riseTwo recent gravity surveys have considerably exceeded expectations and revealed potential for extensions to the existing MRE at Lake Throssell, plus a material growth opportunity at Lake Yeo. This reinforces the potential for a multi-decade, Tier-1 SOP production hub based around Lake Throssell. TMG is currently completing work towards the PFS due early 2023, including drilling to start in Q3 2022, evaporation trials and permitting activities. Results from these programs will support the PFS and any future resource upgrade. Benchmark SOP prices have risen to ~US$940/t due to recent geopolitical developments. The Oct 2021 Scoping Study assumed a SOP price of US$550/t and contained a sensitivity analysis showing every 10% increase in price drives a +$144m increase in the project NPV of $364m. The c.70% increase above the Scoping Study thus implies a project NPV of ~$1.4bn. |
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DOWNLOAD RESEARCH REPORTIncreasing our TargetDespite the lower realised oil and gas price, which fell by 5.4% and 19.7% respectively in August, Calima managed to show improvement in its key business metrics. We expect higher production in November due to the contribution by the new Thorsby wells which will be drilled in August/September which will see Calima meet its 2021 production guidance of 4,500 boe/d. |
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DOWNLOAD RESEARCH REPORTEmerging Financial Wealth Advisory GroupWT Financial Group Limited (WTL) is a growing diversified financial services company, founded in 2010 and listed on the Australian Stock Exchange (ASX) in 2015. Its advice and product offerings are delivered primarily through a group of independent financial advisers operating as authorised representatives of WTL under its Wealth Today Pty Ltd (Wealth Today) and Sentry Group Pty Ltd (Sentry Group) dealer group operations. It has around 275 advisers across more than 200 financial advice practices Australia-wide. It also operates a direct-to-consumer operation under its Spring Financial Group brand. |
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DOWNLOAD RESEARCH REPORTImmutep Taking the Fight to CancerIn May 2021, Corporate Connect analyst Marc Sinatra published a comprehensive research report on ASX-listed biotech Immutep Ltd (ASX: IMM). So impressed was he with IMM that Corporate Connect felt it imperative that a follow-up report be released placing a valuation on the company, because the market was not seeing the vast potential of eftilagimod alpha (efti). This follow-up report has been released today. Using comparables, after adding cash back to their EV estimate and dividing by the total number of issued shares, Corporate Connect now places the fair value of an Immutep share at $A2.20. |
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DOWNLOAD RESEARCH REPORTMarket leading lifelong learning platform technology company in Australia and SE AsiaPayGroup (PYG) delivers multi-country BPO services and cloud SaaS HCM solutions, assisting companies to manage employees in multiple, complex jurisdictions. The company has many growth opportunities, including new clients, new jurisdictions, new products, partner expansion, and new revenue sources. PYG’s scalable business model allows operating leverage and with savings from in-housing third party technology, support margin expansion. |
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DOWNLOAD RESEARCH REPORTMarket leading lifelong learning platform technology company in Australia and SE AsiaOpenLearning (OLL) is a higher education technology company that operates a scalable online learning platform through a software-as-a-service (SaaS) business model and provides a global marketplace of high quality courses for learners of all levels. Its primary customers are education providers based in Australia and South-East Asia (primarily Malaysia). OLL started operations in Australia in 2012 and expanded to Malaysia in 2015, Singapore in 2018, and recently also Indonesia. |
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