Ampol Limited (ALD.NZ)

Ampol Limited (ALD.NZ) — VMCI valuation read

Headline read on ALD.NZ: VMCI of 50/100 versus a Energy sector median of 50. The 1-point below-median position is what makes Ampol Limited a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on ALD.NZ: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on ALD.NZ: value (ALD.NZ trades at 21.0x earnings, 17% above the Energy median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Energy median (10.0%)), and risk (net debt to EBITDA of -0.5x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Energy 12.0x baseline.

ALD.NZ rose 2.4% over the trailing 7 days, with a +3.2% read on a 30-day basis.