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>As we have become accustomed to, Meridian Energy (MEL) delivered a FY23 result in line with expectations.</li><li>The key feature of the result was FY24 cost guidance higher than expected, both opex and capex.</li><li>A combination of inflation and increased IT spend are the main culprits. We trim our target price -5cps (-0.9%) to NZ$5.25. </li></ul>

As we have become accustomed to, Meridian Energy (MEL) delivered a FY23 result in line with expectations.The key feature of the result was FY24 cost guidance higher than expected, both opex and capex.A combination of inflation and increased IT spend are the main culprits. We trim our target price -5cps (-0.9%) to NZ$5.25. 

Meridian Energy - Costly Repeat — FY23 Result