ZEL - Z Energy.

[percy]

This morning Goldman Sachs came out of their research blackout on Z Energy and initiated coverage with a BUY rating and a 12-month price target of NZ$4.35.

Thanks for that CJ. What is Goldman Sachs record like?

[janner]

Thanks for that CJ. What is Goldman Sachs record like?

Their Criminal one or their Financial one ??

[percy]

Their Criminal one or their Financial one ??

Somehow I just knew I had made a mistake asking that question.!
Financial!
Soundness of their research record!i

[peat]

Thanks for that CJ. What is Goldman Sachs record like?

Haha Janner
I was going to ask if Percy meant their record for their clients or for themselves.

[Joshuatree]

Did my buying in the IPO and not trading this, its a great keepa atp.

[percy]

Was not going to buy any,but why my broker rang me and said he had some for me I changed my mind.
Therefore I am over the moon with how it is going.Not looking to sell,but to hold for the long term,enjoying the steady good dividends.
Feel we are "well positioned."

[macduffy]

Z don't say it in as many words but I suspect that they see good opportunities for growth in the non-fuels side of the business - the convenience store, café, carwash etc. For example, BP are reported to sell more coffee than any other single entity in NZ, a part of the business that Shell didn't do much with in the "old days" but which is a feature of the renovated "new look" Z stations.

[CJ]

Z don't say it in as many words but I suspect that they see good opportunities for growth in the non-fuels side of the business

I actually think they are quite explicit on this. It wasn't a focus under Shell but the new store refurbishments, more friendly staff, pump service are there for one reason only, to get customers out of the car and into their stores.

Surfersteve - price of petrol shouldn't effect shareprice, it's all about the margins they are able to charge.

[macduffy]

I agree, CJ. I was referring to the Investment Statement which devotes little space to the non-fuels business. Not surprising, of course, bearing in mind the limits on what can be "spruiked" in such a document. Nice photos, though!

[Wolf]

http://www.nzherald.co.nz/business/n...152969&ref=rss
https://www.nzx.com/files/attachments/184726.pdf