Performance Goes from Good to Better; We Increase Mercury's FVE to NZD 3.60

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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Equity Bottom-Up

<p>Narrow-moat-rated <a href="https://www.smartkarma.com/entities/9933" target="_blank" data-smartkarma-citation="entities:9933:1">Mercury NZ Ltd (MCY NZ)</a> posted record first-half EBITDA of NZD 301 million, up 11% on the same period last year. The firm benefited from ideal weather conditions, with plenty of rain in the North Island boosting its hydroelectric production, while low South Island rain kept the wholesale price high. Full-year guidance for EBITDA of NZD 530 million is unchanged, and we think the firm can do a little better. We make minor adjustments to our earnings forecasts but maintain our NZD…</p>

Narrow-moat-rated Mercury NZ Ltd (MCY NZ) posted record first-half EBITDA of NZD 301 million, up 11% on the same period last year. The firm benefited from ideal weather conditions, with plenty of rain in the North Island boosting its hydroelectric production, while low South Island rain kept the wholesale price high. Full-year guidance for EBITDA of NZD 530 million is unchanged, and we think the firm can do a little better. We make minor adjustments to our earnings forecasts but maintain our NZD…

Record 1H for Mercury; Stock Looks Relatively Attractive After Dip