it’s actually a lot less. US$3.40 reduction x 110,000bbls/day is approximately A$500K/day less ... or $180M less annualised. That difference over a year is therefore about the entire C-Store business profit!
however, refiner margins rise and fall ... whilst Cstore profit is far more repeatable with steady upwards growth driven by both same store YOY growth and growth in total stores numbers.
Big rig risks on this business are 1/ What WOW does, 2/ what refiner margins in Singapore do and 3/ whether it’s new store concepts justify the capital required for the next series of store upgrades.
CTX Price at posting:
$27.29 Sentiment: None Disclosure: Not Held
Len
