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) reported a FY24 EBITDAF result in-line with expectations, but surprised with a final dividend +29% (+2.5cps) ahead of expectations.</li><li>Whilst MNW has not released a new dividend policy, it is evident that it is comfortable holding more debt going forward and believes it can still execute on its development options.</li><li>FY25 guidance below expectations has been offset by our assumption that long-term wholesale electricity prices will be higher, such that we lift our target price +13cps (+2.7%) to NZ$4.93. </li></ul>

Manawa Energy (MNW) reported a FY24 EBITDAF result in-line with expectations, but surprised with a final dividend +29% (+2.5cps) ahead of expectations.Whilst MNW has not released a new dividend policy, it is evident that it is comfortable holding more debt going forward and believes it can still execute on its development options.FY25 guidance below expectations has been offset by our assumption that long-term wholesale electricity prices will be higher, such that we lift our target price +13cps (+2.7%) to NZ$4.93. 

Manawa Energy - Dividend Surprisingly Energised — FY24 Result

Manawa Energy Ltd

Manawa Energy - Dividend Surprisingly Energised — FY24 Result