1H21 Result + proposed acquisition: Todays result was inline with expectations operationally so the focus was squarely on the news that they had launched a bid for NZ based Z Energy. The price offered is a big one, implying 9.1x EV/EBITDA while Z Energy has traded at 7.8x on average over the last 5 years plus they have had 4 profit downgrades in the past 2 years – ALD itself trades on 7.8x so the $2bn bid is a big one for the fuel and overpriced ice-cream retailer. However, the recent flow of deals clearly shows that scale is becoming the name of the game in the energy space and Ampol has gone hard at it bidding a 47% premium to the Z Energy share price prior to news speculation. Shares in ALD finished down 4.76% today.
All too rich for MM, we have no interest in ALD
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