2227 GMT - Ampol gets a new bull in Goldman Sachs despite a weaker-than-expected update yesterday. Ampol's unaudited Ebit and Ebitda for 2024 missed Goldman's forecasts by 10% and 4%, respectively, although the bank was cheered by consistent earnings from its Convenience Retail division. Goldman Sachs doesn't expect Ampol to pay a final dividend for 2024, partly because the Australian refiner and marketer's debt load is above targeted levels. "Despite the earnings miss we upgrade Ampol to buy," Goldman Sachs says, citing its attractive valuation. The bank expects Ampol's EPS to rebound 20% this year as the Lytton refinery in eastern Australia operates more smoothly and Ampol makes good on a A$50 million cost-cutting program. Ampol ended Thursday at A$29.69. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
January 23, 2025 17:27 ET (22:27 GMT)
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