RUBSF - Rubis Fundamentals Unfazed By Geopolitical Tensions

• Rubis seems to be immune to everything. Even COVID-19, which put a stop to travel for a while, couldn't impact its business overall despite Caribbean exposures.
• Similarly, we see Rubis as pretty low risk in the current environment thanks to a heavily discounted price.
• Terminal business is not exposed to Russia at all thanks to the Turkish divestment, and the refinery businesses, as well as the retail business, all have unit margins.
• While a high oil price could do something to the volumes at retail locations, there is further albeit slow recovery in travel that will provide offsets.

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