Pretty impressive announcement and a muted response on the...

Pretty impressive announcement and a muted response on the market and HC - I guess it's not speccy enough to be followed. I've held this one coming out of covid in the core portfolio and it's done really well.

Refining margins, which were a headwind are now a major tailwind. While I don't expect margins to stay at these very high elevated levels, all brokers seems to be behind in their forecasts and will likely upgrade during the week. Consensus EBITDA for 2022 is $985m vs $614m for the half, so they're 2/3 of consensus halfway through the year - a great place to be. The longer refining margins stay higher and the quicker travel keeps picking back up - which it is, the greater the chance of materially exceeding consensus. This should also flow through to a very juicy dividend for FY2022 given the payout structure of the group.