New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Manawa Energy (MNW) has reported a weak 1H25 result, as expected, albeit it was worse than we were anticipating.</li><li>Soft hydro and wind generation volumes from May 2024 through to mid-August 2024 and a substantial bad debt provision were the two factors behind the soft result.</li><li>While the dividend also disappointed, and FY25 guidance contained an implicit downgrade, the current value of MNW remains tied to that of Contact Energy (CEN), given the high scrip component of its takeover offer. </li></ul>

Manawa Energy (MNW) has reported a weak 1H25 result, as expected, albeit it was worse than we were anticipating.Soft hydro and wind generation volumes from May 2024 through to mid-August 2024 and a substantial bad debt provision were the two factors behind the soft result.While the dividend also disappointed, and FY25 guidance contained an implicit downgrade, the current value of MNW remains tied to that of Contact Energy (CEN), given the high scrip component of its takeover offer. 

Manawa Energy - Disappointment Double Down — 1H25 Result

Manawa Energy Ltd

Manawa Energy - Disappointment Double Down — 1H25 Result