Caltex 1H16 Earnings Result

Caltex (CTX.ASX) delivered 1H16 NAPT of $252m which is in line with market expectations. FY17 growth is likely to be around 8%, placing the stock on a forward yield of 3.7%, assuming $1.25 in dividends.

FY17 revenue forecast of $16b on EBIT of approximately $900m.

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We like CTX as a value and yield story. The stock could trade to $36.50 over the next 12 months.




Author: Leon Hinde

Leon has been working in the financial services industry for 18 years in management and advisory roles. Leon has extensive experience in general advice and dealings involving securities and derivative financial products.

PS 146 Securities & Derivatives, ADA 1 & 2 accreditation, Responsible Manager Certificate. Leon is authorised to provide financial product advice and deal with respect to the following financial products:

· Deposit Products
· Securities
· Derivatives
· Interest in managed investment schemes; and
· Government debentures, bonds and stocks