2355 GMT - Ampol is generating so much cash right now that it weakens the case for the Australian fuel refiner and marketer raising equity, signals Jefferies. Its estimates imply Ampol will generate almost A$400 million of additional cash in 1H from strong refining margins and one-off trading profits in the international arm of its Fuel & Infrastructure business. "This is well in excess of the A$250 million proposed equity issuance to fund the EG acquisition and Ampol has the option to settle with cash," analyst Michael Simotas says. "We expect leverage to remain at or below the bottom of the target range in 2027." Jefferies has a buy call on Ampol. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

May 05, 2026 19:55 ET (23:55 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.