Aussie Viva Energy extends losses as crane mishap raises fears of op profit hit

Waypoint REIT

08/06/2023 02:53

(Updates with Comments from Macquarie and share moves)
    ** Shares of Viva Energy  VEA.AX  extend losses to slip as
much as 2% to A$3.05 
    ** Viva Energy on Wednesday reported the failure of a
contractor crane at its flagship Geelong refinery in Victoria
    ** Jefferies warns EBITDA loss of $25-$35 mln/month at
Geelong refinery and a further $15 mln/month in estimated
forgone income during repair period; keeps PT at A$3.50, and
rate stock "buy" 
    ** Macquarie lowers FY23 refining EBITDA by 46% to A$150
million  ($99.98 million); Cuts PT by 6% to A$3.6, keeps
"outperform" rating    
    ** Six of 10 analysts rate the stock "buy" or higher, four
"hold;" their median PT is A$3.43 – Refinitiv data
    ** Stock has risen ~14% this year, as of last close


($1 = 1.5004 Australian dollars)

 (Reporting by Navya Mittal and Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))