Ampol Limited

ASX:ALD Stock Report

Market Cap: AU$9.5b

Ampol Management

Management criteria checks 4/4

Ampol's CEO is Matt Halliday, appointed in Mar 2020, has a tenure of 6.42 years. total yearly compensation is A$4.73M, comprised of 40.4% salary and 59.6% bonuses, including company stock and options. directly owns 0.17% of the company’s shares, worth A$16.27M. The average tenure of the management team and the board of directors is 3.7 years and 4.9 years respectively.

Key information

Matt Halliday

Chief executive officer

AU$4.7m

Total compensation

CEO salary percentage40.39%
CEO tenure6.4yrs
CEO ownership0.2%
Management average tenure3.7yrs
Board average tenure4.9yrs

Recent management updates

Recent updates

Narrative Update • Aug 13

ALD: Future Returns Will Balance Lytton Turnaround Risks And Energy Transition

Ampol’s analyst price target has been updated from A$39.62 to A$41.08. Analysts cited strong first half 2026 trading earnings and refining margins, while also flagging reduced near term refinery availability during the Lytton turnaround as a key consideration.
Narrative Update • Jul 30

ALD: Future Returns Will Rely On EG Deal And Energy Transition

The analyst price target for Ampol has increased from A$37.27 to A$39.62. Analysts attribute this change to updated assumptions for revenue growth, profit margins and future P/E multiples.
Narrative Update • Jun 18

ALD: Future Returns Will Rely On EG Deal And Energy Transition

The Analyst Price Target for Ampol has been adjusted slightly higher to A$37.27 from A$36.46. This reflects analysts’ updated assumptions on modestly higher revenue growth, profit margins, and a small change in the applied discount rate and future P/E multiple.
Narrative Update • Jun 02

ALD: Future Returns Will Depend On Energy Transition And Steady Earnings

Analysts have maintained their A$36.46 price target for Ampol, indicating that only minor adjustments have been made to discount rate, revenue growth, profit margin and future P/E assumptions, rather than any change in their overall valuation view. What's in the News Ampol remains Australia’s largest listed petroleum refiner and fuel retailer, with operations spanning refining, fuel marketing, convenience retail and emerging mobility services.
Narrative Update • May 13

ALD: Future Returns Will Rely On Dividend Timing And Steady Earnings Expectations

Analysts have nudged their price target for Ampol slightly higher to A$36.46 from A$36.26, reflecting updated assumptions around discount rates, modest revenue growth, future profit margins and price-to-earnings (P/E) expectations. What's in the News Ampol declared an ordinary fully franked dividend of A$0.60 per share for the six months ended December 31, 2025, giving income focused investors clear visibility on the upcoming payout schedule (Key Developments).
Narrative Update • Apr 24

ALD: Future Returns Will Rely On Upcoming Dividend And Steady Earnings Expectations

Ampol's analyst price target has shifted from A$34.64 to A$36.26, with analysts pointing to updated assumptions for revenue growth, profit margins and a slightly lower future P/E multiple as the key drivers of this change. What's in the News Ampol declared an ordinary fully franked dividend of A$0.60 per share for the six months ended December 31, 2025, giving investors clarity on upcoming cash distributions (Key Developments).
Narrative Update • Apr 08

ALD: Future Returns Will Be Supported By Upcoming Dividend And Stable Earnings Outlook

Ampol’s analyst price target has shifted from A$33.72 to A$34.64, with analysts citing small changes in the discount rate, revenue growth, profit margin and future P/E assumptions as the basis for the revised valuation. What's in the News Ampol declared an ordinary fully franked dividend of A$0.60 per share for the six months ended December 31, 2025.
Narrative Update • Mar 24

ALD: Future Returns Will Be Supported By Upcoming Dividend And Stable Payout Outlook

Analysts have nudged their Ampol valuation higher, with the fair value estimate moving from A$33.32 to A$33.72 as they factor in updated assumptions for revenue growth, profit margins and future P/E multiples. What's in the News Ampol declared an ordinary fully franked dividend of A$0.60 per share for the six months ended December 31, 2025, giving investors clarity on the upcoming payout schedule (Key Developments).
Narrative Update • Mar 10

ALD: Future Returns Will Be Supported By Upcoming Dividend And Stable Margins

Ampol's analyst price target has edged down slightly from A$33.74 to A$33.32 as analysts update their assumptions on growth, margins and future P/E settings while keeping their overall view broadly intact. What's in the News Ampol declared an ordinary fully franked dividend of A$0.60 per share for the six months ended December 31, 2025, giving investors clarity on the latest half year cash return from the company (Key Developments).
Narrative Update • Feb 20

ALD: Future Earnings Will Be Supported By Stable Margins And Undervalued Shares

Analysts have kept their A$33.74 price target for Ampol unchanged, with only minor tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions behind the valuation. Valuation Changes Fair Value: unchanged at A$33.74 per share, indicating no shift in the core valuation output.
Narrative Update • Feb 06

ALD: Future Earnings Will Be Supported By Stable Margins And Undervalued Shares

Analysts have trimmed their price target on Ampol to A$33.74 from A$34.22, reflecting updated assumptions around revenue growth, profit margins and a slightly higher discount rate, along with a modest adjustment to the expected future P/E multiple. Valuation Changes Fair Value Estimate: trimmed from A$34.22 to A$33.74, a small reduction in the assessed upside for the shares.
Narrative Update • Jan 22

ALD: Earnings Outlook Will Strengthen As Margins Support Undervalued Share Price

Analysts have nudged their Ampol fair value estimate slightly lower, from A$34.29 to A$34.22. This reflects updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples.
Narrative Update • Jan 07

ALD: Fair Value Confidence Will Support Positive Long Term Earnings Outlook

Analysts have maintained their fair value estimate for Ampol at A$34.29, making only minor adjustments to the discount rate, long-term revenue growth, profit margin and future P/E assumptions to reflect updated modelling rather than a change in their overall view. Valuation Changes Fair Value: Kept unchanged at A$34.29 per share, indicating no shift in the central valuation outcome.
Narrative Update • Dec 14

ALD: Future Earnings Outlook Will Remain Balanced Amid Slight Margin And Growth Assumption Shifts

Analysts have nudged their price target on Ampol slightly higher to approximately A$34.30 from about A$33.90, citing marginally improved profit margin expectations and a modestly lower discount rate, while also tempering long term revenue growth assumptions. Valuation Changes The fair value estimate has risen slightly to around A$34.29 from about A$33.90.
Analysis Article • Dec 03

Investors Aren't Buying Ampol Limited's (ASX:ALD) Revenues

Ampol Limited's ( ASX:ALD ) price-to-sales (or "P/S") ratio of 0.2x might make it look like a strong buy right now...
Narrative Update • Nov 27

ALD: Future Earnings Outlook To Remain Balanced Amid Minor Model Adjustments

Analysts have raised their fair value estimate for Ampol from $33.50 to $33.90. This change reflects minor model adjustments and refined assumptions regarding discount rate, revenue growth, profit margin, and projected price-to-earnings ratios.
Narrative Update • Nov 13

ALD: Interim Dividend Set For September Reflects Balanced Payout Approach

Analysts have raised their price target for Ampol from $33.39 to $33.50, reflecting increased optimism about the company's stronger projected revenue growth, even though there is a slight decline in profit margin expectations. What's in the News Ampol's board declared an interim ordinary dividend of 40 cents per share, fully franked, for the first half of 2025 (Key Developments) This dividend represents a payout ratio of 53%, which aligns with Ampol's policy of paying out 50% to 70% of underlying RCOP net profit after tax (Key Developments) The 2025 interim dividend is lower compared to the 60 cents per share paid for the 2024 interim dividend (Key Developments) The record date for the interim dividend is September 1, 2025, with payment scheduled for September 25, 2025; the ex-date is August 29, 2025 (Key Developments) Valuation Changes Consensus Analyst Price Target increased marginally from A$33.39 to A$33.50 Discount Rate decreased from 6.98% to 6.70% Revenue Growth forecast rose significantly from 1.16% to 2.51% Net Profit Margin expectation edged down from 1.95% to 1.86% Future P/E ratio remained stable, changing slightly from 15.09x to 15.12x
Analysis Article • Nov 07

Returns Are Gaining Momentum At Ampol (ASX:ALD)

If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...
Narrative Update • Oct 30

ALD: Recent Acquisitions Will Drive Cost Synergies Despite Integration Risks Ahead

Ampol's analyst price target has been raised from ARS 32.65 to ARS 33.39, with analysts citing improved earnings visibility and cost synergy opportunities following the acquisition of EG Australia as key drivers for the upward revision. Analyst Commentary Recent street research indicates a shift in sentiment among market observers, with the price target for Ampol seeing notable upward revisions.
Analysis Article • Oct 15

Ampol (ASX:ALD) Takes On Some Risk With Its Use Of Debt

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Narrative Update • Aug 19

Lytton Refinery Upgrade And EV Expansion Will Meet Future Cleaner Energy Demands

Analysts have raised Ampol’s price target from A$31.05 to A$32.69, reflecting optimism over the accretive EG Australia acquisition, anticipated cost synergies, and the potential for earnings improvement as integration benefits are realized. Analyst Commentary The acquisition of EG Australia provides high earnings visibility.
User avatar
New Narrative • Feb 09

Investments In Low-Sulfur Fuels And EV Charging Will Expand Offerings, But Project Risks May Affect Future Margins

Investment in renewable fuels and EV infrastructure aims to drive revenue growth and enhance competitive position in low-carbon transport markets.

CEO Compensation Analysis

How has Matt Halliday's remuneration changed compared to Ampol's earnings?
DateTotal CompensationSalaryCompany Earnings
Dec 31 2025AU$5mAU$2m

AU$82m

Sep 30 2025n/an/a

-AU$28m

Jun 30 2025n/an/a

-AU$138m

Mar 31 2025n/an/a

-AU$8m

Dec 31 2024AU$4mAU$2m

AU$123m

Sep 30 2024n/an/a

AU$414m

Jun 30 2024n/an/a

AU$705m

Mar 31 2024n/an/a

AU$627m

Dec 31 2023AU$6mAU$2m

AU$549m

Sep 30 2023n/an/a

AU$340m

Jun 30 2023n/an/a

AU$130m

Mar 31 2023n/an/a

AU$429m

Dec 31 2022AU$5mAU$2m

AU$728m

Sep 30 2022n/an/a

AU$810m

Jun 30 2022n/an/a

AU$892m

Mar 31 2022n/an/a

AU$706m

Dec 31 2021AU$5mAU$2m

AU$521m

Sep 30 2021n/an/a

AU$484m

Jun 30 2021n/an/a

AU$447m

Mar 31 2021n/an/a

-AU$19m

Dec 31 2020AU$4mAU$2m

-AU$485m

Sep 30 2020n/an/a

-AU$442m

Jun 30 2020n/an/a

-AU$399m

Mar 31 2020n/an/a

-AU$8m

Dec 31 2019AU$2mAU$761k

AU$383m

Compensation vs Market: Matt's total compensation ($USD3.38M) is about average for companies of similar size in the Australian market ($USD2.71M).

Compensation vs Earnings: Matt's compensation has been consistent with company performance over the past year.

CEO

Matt Halliday

6.4yrs
Tenure
AU$4,728,823
Compensation

Mr. Matthew Halliday, also known as Matt, serves as Managing Director, Chief Executive Officer and Director at Ampol Limited since June 29, 2020. Mr. Halliday served as Director of Z Energy Limited since M...

Leadership Team

NamePositionTenureCompensationOwnership
Matthew Halliday
CEO, MD & Director6.4yrsAU$4.73m0.17%
A$ 16.3m
Gregory Barnes
Group Chief Financial Officer5.1yrsAU$2.42m0.041%
A$ 3.8m
Kate Thomson
Executive General Manager of Retail Australia4.3yrsAU$1.84m0.014%
A$ 1.4m
N. Jones
Executive General Manager of Z Energy3.4yrsAU$1.49m0.000070%
A$ 6.6k
Michele Bardy
Executive General Manager of Infrastructure2.1yrsAU$1.51m0.0031%
A$ 289.3k
Brad Blyth
Executive GM of Digital1.6yrsno datano data
Frances Reyk
General Manager Investor Relations & Sustainabilityno datano datano data
Faith Taylor
Executive GM3.7yrsno datano data
Meaghan Davis
Executive General Manager of People & Culture4.8yrsno datano data
Yvonne Chong
Additional Company Secretary3.2yrsno datano data
3.7yrs
Average Tenure

Experienced Management: ALD's management team is considered experienced (3.7 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Matthew Halliday
CEO, MD & Director6.2yrsAU$4.73m0.17%
A$ 16.3m
Simon Allen
Independent Non-Executive Director3.9yrsAU$219.89k0.0023%
A$ 219.1k
Michael Ihlein
Independent Non-Executive Director6.2yrsAU$271.30k0.0045%
A$ 426.8k
Steven Gregg
Independent Non-Executive Chairman10.8yrsAU$561.22k0.0084%
A$ 795.7k
Guy Templeton
Independent Non-Executive Director1.6yrsAU$219.89k0.0053%
A$ 497.9k
Gary Smith
Independent Non-Executive Director6.2yrsAU$264.33k0.0026%
A$ 250.4k
Stephen Pearce
Independent Non-Executive Director1.4yrsAU$183.33k0.0038%
A$ 358.5k
Elizabeth Donaghey
Independent Non-Executive Director4.9yrsAU$245.22k0.0040%
A$ 382.2k
Helen Elizabeth Nash
Independent Non-Executive Director1.4yrsAU$183.33k0.0010%
A$ 98.6k
4.9yrs
Average Tenure
68yo
Average Age

Experienced Board: ALD's board of directors are considered experienced (4.9 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/08/21 08:33
End of Day Share Price 2026/08/21 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Ampol Limited is covered by 18 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Uwan MinogueBarrenjoey Markets Pty Limited
Dale KoendersBarrenjoey Markets Pty Limited
Chris SavageBell Potter