Jefferies lowers Viva Energy's PT ahead of refining challenging Q3 update

Waypoint REIT

16/10/2024 19:56

** Analysts at Jefferies lower price target on Australia's
Viva Energy  VEA.AX  to A$3.3 from A$3.75
    ** Brokerage expects a modest Q3 EBITDA loss for the fuel
retailer's Geelong refinery operations
    ** Says refining has been challenging in Q3 with bigger
rival Ampol  ALD.AX  posting a dismal Q3 update
    ** Prevailing refining environment has been subdued, and we
forecast Geelong refining margin of US$6.60/bbl for VEA in Q3 —
brokerage
    ** Jefferies, however, says co's commercial & industrial
operation has likely continued to deliver, and convenience &
mobility conditions have improved somewhat
    ** Maintains "buy" rating on stock
    ** VEA has fallen 16.6% YTD, as of last close 

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com))