The only safe trade was off the open at $4.01 which I didnt take.
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Yes, would have loved to pick some more up at $4.01. Still 10% yield at 40c Divi. Hard to say. I live right next door to one and it is busy all the time, more so than the Gull down the road.
That's not a safe trade mate. This could easily go into the early- mid $3's or even significantly worse next year. Impossible to overstate the risks of pressure on fuel margins. If the Government get just one tenth of their estimated 18-32 cent, (mid point is one tenth is 2.5 cents per liter) reduction in margins ZEL's profit will be absolutely decimated as they only make 3.5 cents per liter after all costs and tax. Even if the Govt get one twentieth (1.25 cents per liter average) of their estimated savings at a retail price level, this is devastating for ZEL's operational profitability.
The potential for further significant falls in EBITDA for FY21, just from annualising the forecast margin in Q4 to a full year effect for FY21 is bad enough...then you start factoring in further margin compression from regulatory changes and this could get extremely ugly next year.
I haven't got a new price target...my nose is telling me to "STAY OUT" no matter how cheap this appears to be.
Might work out a no growth PE of 10.0 on real after tax earnings on EBITDA of $300m and see what that suggests is fair value. Can't use a yield model as its anyone's guess what future dividends will be.
Okay lets go there. My very early seat of the pants estimate of EBITDA for FY21 is just $300m with the expected tighter margins in Q4 FY20 annualised for full year effect in FY21 and some extra additional pressure to margins from the fuel price study, wholesale market transparency and premium fuel pricing display.
In FY19 there was $195m of costs below the EBITDA line so that implies about $105m before tax, ~ $75m after tax = 19 cents per share for FY21.
Pretty clear this is at very best a no growth company so put a no growth PE of 10 on that and you can get to $1.90 as fair value pretty easily if things keep going south like I think there's a good chance they will.
There is potential for this stock to head quite materially south from here in the foreseeable future.
Anybody bother to listen to the conference call.
Whatever a 20% drop in earnings in F20 is a bit of a disaster
Think management have been sucked in by their own glossy presentations and forgotten the basics of selling what is a commodity.
At this rate of earnings decline earnings won’t be much more when they were pre Caltex
Wasn’t there zillions in synergies they were going to capture.
As recently as May last year, see page 4, (they were describing themselves as among other things a "Growth Company"), and not just in this presentation either. http://nzx-prod-s7fsd7f98s.s3-websit...097/300554.pdf
Some of the "creative talk" in their presentations is very corrosive to senior management's credibility. I take whatever they say with 101 grains of salt now...
Suppose the new CEO of SKY thinks they're going to turn themselves around into a growth company too. How's that working out for them so far...
Last time I checked store sales were up a whopping 10% so without that... :eek2:
Attachment 10901
only a third of a billion (approx.) to service on the NZDX
interim bal sheet says over a whole billion.
UBS - what terrible analysis BUY rating with $7.50 TP after saying "5th guidance Downgrade in 2 years"
Got my quota a few cents from the bottom and like ALL shares there are risks but ZEL still sells a needed product.
With you on that one: the more panic - the more you buy.
btw, have off loaded cen at 728, now waiting for the next panic to arrive
That's the game, if you can't get on top of fear, you'll
enter the market at the wrong time.
What I like is that ZEL was quick to react to the likes of Gull and is competing, unlike BP and Mobil, who seem to have not reacted at all so far. I have been a Gull customer a long time, but now switched to Z...simply better service at the Gull price.
Its not panic in my opinion. Its the market quite logically reacting to a fundamental lowering of the profitability of their business model. Take care out there folks.
Looks like that $4.01 was a very good entry point, well done to those that took the opportunity, it's going to be at least a 30 yr sunset on this one.
Very early days to call shareholders pain as being over.
Take care out there folks and remember this dog's motto "No if's and no but's, buy no mutts"
Can't believe it. Morningstar on 13th Dec, putting a Buy recommendation on ZEL with the price valuation at $8.30! Is there any integrity to these valuations at all?
First post by the way, Vince kindly let me on board with my gmail address. Finally...:)
Thanks Dreamcatcher. Certainly got to enjoy a very nice dividend. Shame about the capital. Wondering whether to buy more when the price retests around the $4 mark or wait further / forever as Beagle seems to be suggesting. Perhaps "Sharktank" will increase market share over time? Any suggestions? Thanks guys...
I sold all my Z shares at 4.85, due to the timing I also received the dividend.
Thanks Dreamcatcher, would like to trust myself a bit more after all these years, but feel I need a bit more info on this one. Like ZEL's plans to respond to the Govt's report. Looks like more capital expense required in the medium term, eg new pipeline etc but need a better feel for the scale involved.
Caltex in Aus giving up the Caltex brand and switching it to their own brand Ampol. Could Z dispense with the caltex brand to save money ,and amalgamate it to Z? Competition watchdog not allow it maybe.
Download Document 190.89KB
Would hardly reduce competition to allow a company to re-brand its outlets, but stranger things have happened in the name of "competition"!Quote:
Competition watchdog not allow it maybe.
$1.32 for Unleaded in Adelaide last week although a BP was $1.72 so need to shop around.
Good to see ZEL acting fast to put prices up ......got to keep those profits up.
Up faster than an Iranian ballistic missle. Disgraceful how ZEL almost always tries to lead the market higher.
use to be BP at one point, may be they take it in turns:confused:
However, the others usually follow shortly afterwards
Locally where I live, the Caltex station is the cheapest (usually 3 or 4 cents before any discounts) and that is owned by... hmmmm
I'm not sure they are doing themselves a service with their nominal pricing.
Currently 224.9 here at Z with Gull 213.9 (just down the road)
But if you use the Z app you get 10c of that 11 differential. (so it says - I havent done it)
Given the Gull is the Speed Lane price (with their regular pump price 219.7) and Z is full service thats not too bad really.
Z say loyalty is key driver of market share ...not pump prices
You guys have got it all wrong. Mobil have been spending on extensive advertising telling Kiwi's their fuel gives "advanced" fuel economy lol
Even says so on their website so must be true :D https://www.mobil.co.nz/en-nz/synergy-fuels
"Advanced" is quite a "bold" claim. Online dictionary cut and paste below...I'll leave it for you guys to decide if Mobil are being deliberately disingenuous or whether this is just within the bounds of normal creative marketing but its well worth noting they don't provide any independent studies to verify their "bold" claim.
advanced[ ad-vanst, -vahnst ]SHOW IPA
SEE SYNONYMS FOR advanced ON THESAURUS.COM
adjective
placed ahead or forward:
with one foot advanced.
ahead or far or further along in progress, complexity, knowledge, skill, etc.:
an advanced class in Spanish; to take a course in advanced mathematics; Our plans are too advanced to make the change now.
pertaining to or embodying ideas, practices, attitudes, etc., taken as being more enlightened or liberal than the standardized, established, or traditional:
advanced theories of child care; the more advanced members of the artistic community.
far along in time:
the advanced age of most senators.
Perhaps I'm biased, as a small holder of ZEL, but I get a lot of chuckles from reading wealthy Sharetrader gurus agonising over a few cents per litre every time one or other of the retailers ups the price!
:ohmy:
Been super beneficual to be using Z sharetank of late. Those living in Wellington get Petone prices and get 34 cpl discount on petrol
Suppose Z know what they doing with all their amazing customer data stuff and algorithms
Not reflected in today's share price which could be being dragged down by Aust market and in turn by US on late Friday.
Also Bull had this to say:
from z statement today
The contractual arrangements that Z has with the New Zealand
Refining Company (NZX: NZR) means we havea ‘floor’ in the
processing fee that we pay to the refining company. Third party
forecasts regularly provided toZ estimate that during 4QFY20
refining margins will drop below the ‘floor’ level and may
require Z to ‘top up’the refining company
bull
not surprised diesel sales well down , govt's new taxes on diesel make it more expensive than petrol now
http://nzx-prod-s7fsd7f98s.s3-websit...375/315549.pdf
Caltex retail petrol sales down just on 20% is quite a remarkable decline given most people have reasonable entrenched habits regarding fuel purchases.
Margin's look under pressure too and refining margin ahs taken a huge hit.
This is the bottom and it gets better from here or is the trend definitely NOT your friend...that's the $64,000 question.
Absolutely. My habit is to purchase fuel always where I can get it most economically (considering fuel price and cost of access). If possible I try to avoid as well any complicated discount schemes and prefer an honest and good price to rebate schemes with endless conditions attached. I suppose I am not the only one.
Good they dangle that 40 cps annual fully imputed dividend out there so dividend hounds will be pleased they can get 40 / 0.72 = 55.56 cps gross so at $4.70 that's a gross yield of 11.8% The problem is its literally anyone's guess whether that's sustainable or not.
For what its worth last time I made a foray into ZEL the forward yield was 15% gross. I didn't think I could lose there and didn't.
For the shares to give a 15% yield with the current dividend forecast they'd need to be 55.56 / 0.15 = $3.70
I'm happy to watch this one from the sidelines at this stage.
Filled up yesterday with Pak N save voucher - same price as local Caltex (usually cheaper - before the standard discount) and was closer to where I was.
Then in my email last night there is 10 cent discount for today (quite often on wednesdays) - however needed it yesterday, the light has been on for a day and a bit already!
The problem with sharetank is that you dont get any discount so there is a disincentive to use it.
I bought 100 L to check it out and I was a bit disappointed quite frankly that I had to pay the full pump price.
Only use I can think of is if I was forced to refill in Wellington, or Auckland or if I was sure petrol is going up a lot.
I agree though that it is kind of pathetic angling for a few cents here and there on the price to save a few dollars. Think of it as us as aiming for perfect competition in the true economic sense ;+)
Good morning all,
Please correct me, but my understanding is that "Gull" add biofuel or ethanol to their gas, that explains the price difference - at 1 stage it was the different tax rates for petroleum vs bio and if this is the case my experience shows a perceived worse experience in the car.
-dodgy
Agree with this Peat. I've been trialing Sharetank but it is a disappointment. Much better to use the app for "pumped" and "stacking" when they have a good offer on. The only reason I use Sharetank is that we allow our poor daughter at University to use my Sharetank.
My understanding is their 91 does not contain biofuel or ethanol but their 98 Octane does as its used as an octane enhancer. I understand their 98 effectively contains about 3% less energy with the addition of the ethanol so before using it one needs to check their vehicle is compatible with E10 (a 10% enthonol content) and one will use about 3% more fuel to do the same amount of work as if they filled with Mobil or BP98 Octane so you'd want about a 7 cents per liter lower price (compared to the discounted price of Mobil or BP) to use this fuel. Peak engine output will be 3% lower too.
I've got one of those at Uni as well. Thanks for the reminder. This might be a good way to provide supplementary support.
Correct. Most vehicles are okay with up to 10% ethanol. But your Owner's Manual will tell you (or the manufacturer's local distributor). Certainly pays to check prices as Gull often isn't cheaper when factoring in loyalty discounts - and that's 91 which is an easy comparison. As you say, you have to factor in the slightly worse fuel consumption with Gull's 98. Having said that, almost anywhere is going to be cheaper than BP's 95 and 98 out West Auckland.....
I often end up buying Mobil for 91 and Z for 95 out this way (West Auckland). But you have to keep your eye on Gull Portage Rd, they are up and down like a yo-yo and can be the cheapest by miles (kms?) some days.
That quarterly report of Z’s was pretty shocking really ....main takeaway continuing loss of share and that for last 4 quarters total Z volumes are down 7% on pcp while industry volumes down about 2% (allowing for Gull not included in industry volumes)
Reaffirmed guidance - that’s good - but I reckon the $350m-$385m had a lot of under promise over delivery in it when it was first announce. Things still not going to plan so I reckon the $350m-$385m has a lot of ‘hope like hell we make the $350m’ in it
Really shocking I agree, and quite confronting to see Caltex petrol volume down a whopping 20% ! It does beg the very serious question if market share, margins and refining margins are under so much pressure in the third and forecast for the fourth quarter what does one think about their earnings prospects for FY21 ? Will we see a new low of $300 - $350m for FY21 ?
They lost market share in petrol, diesel, aviation, export...everything. Meanwhile what are they doing regarding their corporate overhead ? (given we appear to be past peak fuel consumption and heading down) ? Suppose its tough to cut corporate overhead when they have all those fancy investor presentations to prepare each year reminding shareholders its a growth company.
Throw in some new transparency required with a wholesale pricing regime and some new infrastructure demanded by the Govt to sure up supply of Jet fuel at Auckland airport and it starts to look very tough in FY21 to me. Well worth shareholders remembering how quickly and dramatically this company can change its dividends so serious caution is required when estimating what dividend might be sustainable on average going forward.
Is the current 40 cps annual dividend a classic dividend trap ?
Total all industry fuel volumes down 4.78% on pcp and Z group total fuel volumes down 5.62% so we are talking < 1% market loss all inclusive. Which is largely due to Caltex petrol dropping 19.28%. Z diesel is actually up 2.63% on pcp... while again caltex diesel dropping by 7.32%. So really Caltex is the let down at the moment.
Looking at retail (typically higher margin than fuel), there is a 7.41% increase in store only transactions. This is also reflected in average weekly store sales which are up 7.88% (6.99% like for like), which across 202 stations accounts to over $600k per week increase in spending just in the shop. Seems people are still looking for service and fuel, not just unmanned stations.
I'll believe peak oil consumption in NZ when I see the evidence, one contraction does not a trend make.
why is one player not included in industry statistics.
defeats the purpose doesnt it?
all the majors (and the distributors and dealers they supply) get their fuel from the shared storage and NZ refining. the majors shared this data between themselves. so the majors have a real good handle on their respective shares by region, terminal, etc. but Gull is wholly separate - they import their own into Mt Mauganui and distribute to their stations and a few other clients they supply. the majors know less accurately what Gull has imported and sold. From the majors' perspective, in many counts, the whole system worked better before Gull got involved.
Is this Z pleading poverty and ‘looking’ for support
All that discounting and market share still trending down ....hmmm
https://www.stuff.co.nz/business/119...nmanned-effect
Prognosis is grim. When the loyalty scheme changed from August ? 2019 Z for the first time allowed the "stacking" of discounts and I predicted this would lead to a significant impact on their margins and sure enough its happened. There's been a massive move up from about 8 cents per liter average discount to roughly double that level now.
Its simple enough to sign up to their email reminder system and they let you know when they have their 10 cent off days. Buy just $40 of petrol and stack your 10 cent discount each time and effectively you get $5 off (10 cents a liter stacked for future purchase of 50 liters) that $40 or effectively a 12.5% discount off each $40 purchase. 12.5% off is effectively as much as 28 cents per liter (at $2.259 per liter) when you use all that stacked discount later, although it is somewhat ameliorated because to claim the discount you need to buy 50 liters and at that time you only get 10 cents per liter off.
I only drive modest mileage and find its typically quite easy to get $1 per liter off when you use your stacked discounts to purchase 50 liters every second month.
I think their discount will get slightly worse from here through this stacking thing as people get more used to taking maximum advantage of it, and more discounting from having to compete with unmanned stations and they are probably shooting themselves in the foot a bit with this new sharetank as well.
Despite this stacking thing the way Caltex in particular has lost market share with its petrol sales is really quite confronting.
Beagle - bit of a worry when a CEO says ‘Rather than abandon the 'nice coffee-clean toilets-forecourt service' model Z was founded on, Bennetts says the company is trying to introduce a range of discount products for its more price-conscious customers. ’
So nice coffee and clean toilets AND A DECENT DISCOUNT.
It all seems rather confusing from a making money perspective
Looks like we're past "peak fuel" too and with a wide range of new and hopefully more affordable electric vehicles coming onto the market over the next few years along with the N.Z. Govt incentive for EV's of as much as $8,000 each, and with more and more unmanned stations coming on stream its more difficult to see the investment case as being worthwhile.
Suppose they could find another electricity minnow to throw a quick $50m at and that might be the panacea of all their problems :)
If I was running ZEL I think the best way to confront the EV thing is to install fast chargers at ALL ZEL stations thereby leveraging significant amounts of coffee, snacks and ice-cream sales while EV owners charge their cars up. There's going to be a chronic shortage of EV fast charging stations in the years ahead, mark my words.
https://www.nzherald.co.nz/business/...ectid=12303658
Premium fuel prices set to come |under the pump" according to AA.
Been rorting motorists for the last decade !!
I think this is the point peat. I was involved in this industry at the time when Challenge & Gull entered, and when we were worried about others. At the time, the company I worked for responded, and its never looked back - maintaining its low cost base regardless of margins. History is repeating tho - increase in margins has attracted newcomers, with the added bonus of the majors scrapping it out for wholesale supply (this is a strong evolution of the market since the 1990's). Z is caught in no man's land - instead of building diversification by expanding out of NZ, they paid top $ for Caltex, have a high cost base compared with its fellow majors (BP, Mobil) and its smaller competitors and have seen margins erode as everyone scraps for market share. I hope they have a 'transformation' plan; they'll need it. I think things will get worse before they get better (although I do think things will eventually get better).
Sylvester - Seems the Z ‘transformation plan’ is selling more pies, coffees and sweets
Which is not a bad plan in and of itself. But I think that "premium food offer" space is taken already by the green and gold one. And I can't see them saying "help yourself" to Z. Also, that doesn't address the cost base issue associated with either selling fuel or managing the shops...staff numbers seem high relative to the other majors. I get the focus on customer needs; but there is a balance with efficiency, especially in what is essentially a commodity fuels market. Even in that space, BP and Mobil have 98 octane to differentiate themselves a bit.
Beagle mentioned 3.5 cpl net margin. Even that is relatively high compared to what was going on when BP and Shell were slugging it out in the late 90's - 2000's. That period was not good for the industry (no investment possible), but it did shake out the weaker players (eg, Shell, then Caltex). Given that history (admittedly, experiential bias on my part), downside risk still seems quite high to me.
I agree SylvesterCat, BP's food offer is quite substantially better than ZEL and I have never understood why ZEL or Caltex have never had 98 Octane when many higher performance European cars require this fuel. Go figure ? Its like they have their head in the sand in this regard. ZEL have been the least extreme in their "milking" of motorists with the premium they've asked for 95 Octane but with price display coming its clear that further pressure is coming on their 95 Octane fuel margin. Just annualising apparent forecast 4th quarter margin's gives an interesting heads-up into possible earnings downside for FY21. Start factoring in reduced margins from premium fuel, ever increasing competition for the unmanned minnow station players, Govt action of wholesale pricing and requirements for increased jet fuel storage at Wiri and the steady roll-out of EV's, I agree 100%, the downside risk looks quite significant.
More concerning as you suggest is their cost structure and I really don't think one can rely on management to be proactive in cutting their cloth to suit the new reality that appears to be rapidly unfolding. Management have a history of "shocking" the market with downgrades both to earnings and dividends so anyone relying on 40 cps fully imputed annual dividends is taking a big risk as to its sustainability.
I can easily foresee that 3.5 cpl margin coming down to ~ 2 cpl in FY21.
Surely the Oil companies will just raise the price of 91 to cover the reduction in the current gains from premium fuels.
I doubt they will be very interested in taking the pain themselves.
They've never been renowned for philanthropy.
Yes, but, unmanned stations from the minnows will keep the pressure on. Whichever brand is first to differentiate themselves from the market by offering fast charging stations for EV's across most of their branch network will gain a significant first mover advantage. I wouldn't back ZEL's current management to be bright enough to realise this. BP probably better positioned anyway with their superior food and drink offer as early EV adopters are likely to be fairly well off and respond better to BP's more premium in store experience while waiting for their EV's to charge up.
The margin history over the last 30 years shows a broad cycle - including long periods where the industry has actually taken on quite a LOT of pain on behalf of consumers (not that joe public cares; if prices are the same there is no competition and if prices are different there its confusing and anti-competitive). Historically, margins creep up to super-profit levels; followed by new entrants; followed by "slash and burn", where only the most efficient make any $; followed by margin increases again. Trick is to maintain a best-in-class cost structure through all of the cycles, while giving a great customer experience at all times.
Interesting you talking about cost structure today SylvesterCat. One thing many people will not know is that Caltex have sold off a lot of their stations to franchisees and the lease obligations on them have been assigned accordingly, however ZEL still retain a contingent liability as the original party to enter into that lease should the franchisee get into financial difficulties.
One wonders with Caltex market share shrinking so much if some of those franchisees might fold up and those leases sheet back home to be an obligation of ZEL again...
Interesting ... I see on marketwatch (https://www.marketscreener.com/Z-ENE...98/financials/) that stock market analysts significantly downgraded their future earnings estimates for ZEL, however without changing their expectations re dividends which would be then from 2020 to 2022 each year higher than the respective earnings. Just wondering whether they considered how sustainable this policy might be?
I note as well that the consensus recommendation (7.92/10 i.e. slightly above outperform towards buy) has not changed.
https://www.marketscreener.com/Z-ENE...098/consensus/
Beats me.
Depreciation in their branch network is a non cash charge and they're not investing in any new stations, (recognising this is a sunset industry) which enables them to pay out more than they earn but eventually this begs the question as to whether future dividends will be fully imputed.
I don't see the recovery in EBITDA that the analysts see and seriously doubt future dividends will be at the level forecasted. For one thing there's significant capex that the Govt is demanding in terms of a major expansion in jet fuel storage at Wiri. They have threatened to legislate if the companies don't build more resiliency into the supply of jet fuel voluntarily. Even if earnings do recover as analysts are forecasting the forward PE looking out to FY21 and FY22 is not especially attractive for a no growth sunset industry company.
Not investing in new stations because this is a sunset industry seems a little short sighted?
Given that the capital cost invested in a few underground tanks and some pumps is relatively minimal, owning land is never a bad thing (unless you are predicting that land values will not continue to increase), which is why the non manned operators are still flat out investing in this sunset industry I would imagine. I can't see it falling over in the next 7 years which is historically the average time it takes to double your money on the land investment.
Do the non-manned operators own the land or do they lease it? Z too, for that matter?
I believe they do both.
Do we have information on Sharetanks effects since November last year when everyone was gung-ho about getting around the Auckland fuel tax, and Wellingtonians were filling up in Petone. I seem to remember something about loss of market share, but wondering if this situation is likely to turn around anytime soon?
Have liquidated some of my holding after Beagles PUBLIC SELL signal, (costing me money in the short term!) but am debating about keeping some if market share improves.
Not looking good for Z...
https://www.cnbc.com/2020/01/30/roya...s-q4-2020.html
To be fair, Shell is a very different company to Z. Low oil prices are bad for Shell as their exploration arm sells oil.
On the other hand, as Z purchases refined product (made from oil), lower oil prices are generally good for Z as they carry less $ in inventory and might be able to squeeze a bit more margin from it.
Z has no exploration. While Shell has a marketing arm (like Z),that has a far more stable earnings profile, compared to selling oil. So you can't take anything from the Shell result to apply locally.
https://i.stuff.co.nz/business/11900...d=facebook.pos
Here we go.....petrol is going down...motorists are going to benefit from it as well as transportation companies..not AIR..as virus impacted badly
the writing is on the wall
Electric dream: Britain to ban new petrol and hybrid cars from 2035
https://www.reuters.com/article/us-c...-idUSKBN1ZX2RY
another country going that way , nz will follow at some stage
Well, yes - but its still 15 years and at least 3 elections to go. Always a bit reluctant to believe in goals somebody else far in the future will be responsible to enforce and many governments in between can change.
As well - Brits have hardly any leverage left to tell the car industry what to do ... hardly any British cars left (are there any left which don't belong to some foreign car manufacturer?) The still remaining car factories in little England will be moved quite soon to the continent ... and the English people can use the pushbike (if they are still able to design such a high tech thingee) if they don't like what others are producing.
But don't misunderstand me - I think it would be good to phase out the combustion engine ... its just that the Brits are the last people with the leverage to do it. Just like the governments of NZ or Fiji to pick some other examples. They all are followers with very little economic leverage ...
Its all to do with emissions...And large fines for car companies if they cant comply....
https://europe.autonews.com/automake...2-fines-europe
Thought this was in recovery mode until today. My local one has ques lining up yesterday just to get that 10c a liter off, was crazy busy.
Fuel majors to be required to publish wholesale prices
https://businessdesk.co.nz/article/f...olesale-prices (paywall)
Though I didn't think this would be such a big negative itself so it is probably a combination of things.
NZR result was a shocker AND very weak margins persisting for the first 2 months of 2020 and I would think likely to persist for some considerable time with this virus hosing down demand for all grades of fuel including aviation.
Pretty sure ZEL's most recent downgrade assumed the recovery of refining margins in early 2020 so the possibility exists of yet another downgrade for ZEL. Wholesale price publishing had a serious effect on margins in Australia, same to happen here ?
We still have the major capex announcement to come on improving the robustness of the Jet fuel storage at South Auckland to come and the costs involved in that and of course lets not forget ZEL will be selling heaps less jet fuel with so many airlines reducing capacity...
On the bright side, (thankfully there is one), with the record run of hot dry weather in the North Island I am sure ZEL would have been selling heaps more ice-creams than last year so shop sales will be up.
Is this starting to look like its bit oversold now!
A company with a social conscience
http://nzx-prod-s7fsd7f98s.s3-websit...230/317932.pdf
bit of a joke if they were excluded
oil just plunged to 32$ per barrel at the moment be expecting my petrol to drop big time shortly
Bad from memory...there's some sweet spot of about $50-60 a barrel apparently, again, from memory.
Oil goes up petrol goes up at the pump overnight .....oil goes down and prices take a while to gondown at the pump
The Z spin machine says -
@zenergynz
Spin machine here! It hasn't dropped b/c markets haven't settled - we don't want to be passing through wild price swings (what if it goes back UP by that much in near future?). I can tell you that we've continuously reduced our prices across all our sites over the past few wks.
Oil has been down for weeks before the massive collapse overnight. The price gouging just goes on and on at my closest Z where they still want $2.269 for 91 Octane, the same price they did weeks ago when oil began falling. Blatant highway robbery.
Part of me is hoping for a complete lockdown because of the virus so the highway robbery comes to an abrupt halt !