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CTX, CALTEX AUSTRALIA LIMITED
blacksheep
post Posted: Dec 3 2019, 12:25 PM
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In Reply To: blacksheep's post @ Nov 27 2019, 11:59 AM

No deal @ $34.50, but - "“The Caltex Board is focused on maximising shareholder value and will carefully consider any proposal that is
consistent with this objective
.”
"

QUOTE
Caltex today announces that the Board has concluded that the Proposal undervalues the Company and does
not represent compelling value for Caltex’s shareholders. However, the Caltex Board has offered to provide
ATD with selected non-public information to allow ATD to formulate a revised proposal.

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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 27 2019, 11:59 AM
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In Reply To: blacksheep's post @ Nov 26 2019, 09:39 AM

Ord's downgrades CTX, warns of FIRB risks
QUOTE
Caltex Australia shares have continued to climb today following a conditional takeover approach from Alimentation Couche-Tard on Tuesday, hitting fresh 20-month highs.

Even with the news, analysts at Ord Minnett don’t expect there’ll be further upside for the stock ahead, downgrading it to neutral from accumulate with a price target of $32.

“We downgrade our recommendation based on valuation,” Ord’s said in a note.

It also cautioned that Caltex has yet to engage with Couche-Tard, with the path to engagement “uncertain”, while adding that FIRB approval “may not be easy given the nature of the infrastructure and terminal assets”.


Total short positions as at 20/11/19 = 1.21%
https://www.shortman.com.au/stock?q=ctx
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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 26 2019, 09:39 AM
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In Reply To: nipper's post @ Nov 25 2019, 09:04 PM

26 November 2019
RECEIPT OF NON-BINDING, INDICATIVE, CONDITIONAL PROPOSAL
QUOTE
Caltex Australia Limited (ASX:CTX) (Caltex) notes recent media reports about a potential takeover
proposal for Caltex.

Caltex confirms that it has recently received an unsolicited, conditional, confidential, non-binding
and indicative proposal from Alimentation Couche-Tard Inc. (ACT) to acquire all of the shares in
Caltex by way of a scheme of arrangement at an indicative cash price of A$34.50 cash per share less
any dividends declared by Caltex (Proposal)
. The Proposal would permit Caltex to pay a special
dividend or other distribution. The Proposal followed an earlier approach from ACT at an indicative
cash price of A$32.00 per share, which was rejected on the basis that the indicative price was
inadequate.

The Proposal is subject to a number of conditions, including due diligence, organising necessary
financing for the transaction, no material asset sales, divestments or similar transactions, obtaining
Foreign Investment Review Board approval, a unanimous recommendation by the Caltex Board and
the approval of the ACT Board.

The Caltex Board is currently considering the Proposal, including obtaining advice from its financial
and legal advisers.

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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Nov 25 2019, 09:04 PM
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QUOTE
There are [good] reasons for the enthusiasm that investors have shown for Caltex’s plan to float a property trust filled with 250 of its prime petrol stations, which could pump as much as $850 million into its coffers. Caltex shares jumped 6.7 per cent to $29.71, and are now up 44 per cent since late June.

Firstly, there’s excitement at the guts of this deal. It cleverly allows Caltex, which trades at about eight times earnings before interest, tax, depreciation and amortisation (EBITDA), to re-rate a portion of its business to about 20 times EBITDA, where property trusts trade.

This multiple arbitrage delivered good results for Telstra earlier this year, which spun off property and infrastructure into a separate vehicle, in a deal also managed by Caltex’s banker, UBS.

The Caltex property trust will generate annual rents of $80 million to $100 million, which values the trust’s assets at about $1.7 billion, before gearing. Caltex will own 51 per cent of the properties, to ensure it controls the properties that are central to its operation.....

QUOTE
First and foremost, it takes advantage of multiple arbitrage opportunities, without changing the underlying operations in any way.

"You’ve got an almost insatiable hunt for yield out there in the market and when you couple that with the Caltex reputation … that’s a very attractive proposition," Halliday says.

Second, it allows the market to see, every day, what the property in Caltex is really worth – something that isn't easy to do right now.

And finally, it creates the opportunity for big returns to shareholders. Sounding more like the CFO of BHP than the CFO of Caltex – and that's no bad thing, mind you – Halliday says the company will carefully consider its options under the capital allocation framework, but it is very much aware of what investors want.

"We are very mindful of the very large amount of franking credits that we sit on that are very highly valued by our shareholders."

The team at UBS are confident that the IPO, scheduled for early next year, should do well partly because of what it is (a property trust delivering yield in a world hungry for it) and partly because of what is isn’t (backed by private equity).

Barring a market meltdown, the deal is likely to be snapped up in the coming months.
- Chanticleer AFR



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: Aug 27 2019, 12:45 PM
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In Reply To: blacksheep's post @ Dec 18 2018, 11:15 AM

Another set of ugly figures. SP down 4.49% currently @ $24.69
QUOTE
1H 2019 result inline with guidance
Weak market conditions in refining and retail have delivered a disappointing 1H result, Caltex is taking action

EBIT – Fuels & Infrastructure (Ex Lytton)* $192m $209m -8%
EBIT – Fuels & Infrastructure (Lytton) $1m $105m -99%
EBIT – Convenience Retail $85m $161m -47%
RCOP EBIT – Group $255m $443m -42%
RCOP NPAT – Group $135m $296m -55%
HCOP NPAT – Group $155m $383m -59%
Dividend (Declared) 32 cps 57 cps -44%
Dividend Payout Ratio 59% 50% +18%
Net Borrowings $1,264m $1,041m +21%

https://www.shortman.com.au/stock?q=ctx
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Dec 18 2018, 11:15 AM
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Posts: 6,791
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SP taking a hit, not just on general market conditions, but their unaudited profit guidance for YE 31/12/2018. SP currently down 6.8% @ $25.21/share

UNAUDITED PROFIT GUIDANCE, YEAR ENDED 31 DECEMBER 2018

QUOTE
Key Points
• During 2018, Caltex has made significant progress delivering its Fuels & Infrastructure and
Convenience Retail strategies, setting the company up for sustainable growth. This includes
the expansion of our international business, strong growth in Australian wholesale sales
volume, the retention of fuel supply to the Woolworths network, the execution of the
Woolworths partnership to accelerate and strengthen the Company’s Retail strategy, the
continued Foodary roll out, and significant progress on the transition of franchise sites to
company operations.

• 2018 Replacement Cost Operating Profit (RCOP) NPAT outlook of $533 million to $553 million,
compared with consensus of $552 million.

• 2018 Fuels & Infrastructure EBIT (excluding Lytton) is forecast to increase by 21% compared
with 2017. Including Lytton, 2018 Fuels & Infrastructure EBIT outlook of $560 million to $580
million has reduced by 14% compared with 2017, due to the impact of lower regional refining
margins more than offsetting the strong underlying business performance.

• 2018 Convenience Retail EBIT outlook of $295 million to $305 million is above the guidance
range provided in October, supported by the favourable impact of falling crude and product
prices in the fourth quarter.

• 2018 Historic Cost Profit after tax (HCOP) outlook of $530 million to $550 million, a decrease
of approximately 13% compared with 2017.

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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 

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blacksheep
post Posted: Dec 15 2017, 10:32 AM
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The ACCC's decision to oppose the BP Woolworth's deal has benefited CTX. SP was trading around $33/share prior to announcement - currently @ $35.60/share.

Citi has upgraded to a BUY with their previous target of $37.66 retained
https://www.shortman.com.au/stock?q=ctx

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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: early birds  
 
blacksheep
post Posted: Dec 7 2017, 01:46 PM
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according to AFR and SMH..............

Caltex hit with legal action over wage fraud
18 mins ago David Marin-Guzman
Fair Work has launched legal action against a Caltex franchisee following revelation workers were underpaid millions of dollars in wages across the network.

Read more: http://www.afr.com/business#ixzz50XkQclsK


A Caltex service station in Sydney's inner west is facing legal action for allegedly falsifying records of the wage rates it paid to overseas workers
QUOTE
Mr Dagher faces maximum penalties of up to $3600 per contravention and Aulion Pty Ltd faces penalties of up to $18,000 per contravention.

The Fair Work Ombudsman investigated the outlet last year as part of a national audit of 15 Caltex service stations conducted in response to concerns about underpayments and other non-compliance issues within the Caltex franchisee network.

Six employees at the Five Dock outlet were overseas workers and all but one was an international student.

http://www.smh.com.au/business/workplace-r...206-p4yxhd.html
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
mistagear
post Posted: Apr 9 2013, 03:39 PM
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In Reply To: arty's post @ Apr 3 2013, 10:51 AM

CTX breaking down nicely now, has that ..fall off a cliff look about it.



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arty
post Posted: Apr 3 2013, 10:51 AM
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Caltex is showing up on a few recent scans of mine, suggesting support at current (61.8%) levels.

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not on yet, but a Close Above $21.65 would be tempting.



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I trade daily, but I am not a licensed adviser. Whether you find my ideas reasonable or not: The only person responsible for your actions is YOU.
I follow two rules: (1) There are no sacred truths. All assumptions must be critically examined. Arguments from authority are worthless. (2) Whatever is inconsistent with observed facts must be discarded or revised. We must understand the Market as it is and not confuse how it is with how we wish it to be. (inspired by Carl Sagan)
 
 


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