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