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>Rising capital and operating costs was the main theme from Meridian Energy's (MEL) FY22 result, and we have reduced our target price -10cps (-2.2%) to NZ$4.45</li><li>No issues with the FY22 result or current hydro storage, a few issues with the cost outlook </li><li>Expect dividend growth but likely to be subdued if MEL meets its growth aspirations</li></ul>

Rising capital and operating costs was the main theme from Meridian Energy's (MEL) FY22 result, and we have reduced our target price -10cps (-2.2%) to NZ$4.45No issues with the FY22 result or current hydro storage, a few issues with the cost outlook Expect dividend growth but likely to be subdued if MEL meets its growth aspirations

Meridian Energy: Costs, Costs and More Costs — FY22 Result