The high AUD has driven the business into a position that it has to make a call on its Refining business.
It is cheaper to import rather than refine. The refining business gas lost $200m so the decision to close the refining assets is easy. If they can strike a good supply agreement out of Asia (utilising CTX's relationship with Chevron ie 50% shareholder) the $200m loss will quickly turn into a reasonable profit.
The only downside at this stage is the cost to close the refineries The One OFFS and how long it will take.
If the decision to close the refineries takes place in six months and the transition is executed over the next 12 months CTX will be trading closer to $28/share in 2014
this one is ready for a steady increase!, page-3
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Last
$33.73 |
Change
0.170(0.51%) |
Mkt cap ! $8.037B | |||
| Open | High | Low | Value | Volume |
| $33.47 | $33.85 | $33.30 | $46.46M | 1.381M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 682 | $33.70 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $33.83 | 1010 | 1 |
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| Last trade - 16.10pm 02/08/2024 (20 minute delay) ? |
| ALD (ASX) Chart |