Ampol's EV Charging Profit Goal Looks Achievable to Bull

Dow Jones
1 hour ago

2307 GMT [Dow Jones]--Macquarie thinks the earnings goals underpinning Ampol's A$225 million acquisition of Evie Networks are achievable. Evie operates more than 1,030 charging bays for electric vehicles in Australia. Ampol is targeting annualized Ebitda of A$30 million from combining Evie with its existing AmpCharge business within three years of the deal completing. Macquarie suggests a shift from less than 10% utilization of each charging bay to around 15%, coupled with A$10 million in cost savings, would ensure this goal is met. "Given the strong fleet growth currently under way, we expect this should be achievable in an Australian context (taking into account home charging, high solar penetration, etc)," Macquarie says. It has an outperform call and A$50.00/share price target on Ampol, which ended Thursday at A$43.51.

 

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