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's (MNW) FY24 EBITDAF guidance upgrade (+11% at the midpoint) is encouraging, notwithstanding three of the four factors cited for the upgrade are more one-off in nature and come from favourable 2H24 operating conditions.</li><li>The most positive aspect of the upgrade is the indication MNW has been able to reduce operating costs, which is particularly encouraging given the current inflationary environment.</li><li>We have increased our target price +25cps (+6.7%) to NZ$3.95 with the earnings upgrades also enabling a dividend increase. </li></ul>

Manawa Energy's (MNW) FY24 EBITDAF guidance upgrade (+11% at the midpoint) is encouraging, notwithstanding three of the four factors cited for the upgrade are more one-off in nature and come from favourable 2H24 operating conditions.The most positive aspect of the upgrade is the indication MNW has been able to reduce operating costs, which is particularly encouraging given the current inflationary environment.We have increased our target price +25cps (+6.7%) to NZ$3.95 with the earnings upgrades also enabling a dividend increase. 

Manawa Energy - Trading Energises Earnings

Manawa Energy Ltd

Manawa Energy - Trading Energises Earnings