1H18 note
Narrow-moat Meridian Energy reported first-half fiscal 2018 EBITDA of NZD 329 million, down 7% on the previous corresponding period, or pcp, amid poor hydrology conditions in the firm’s catchments. We downgrade our fiscal 2018 EBITDA forecast 7% to NZD 619 million. Nevertheless, we expect hydroelectric generation, which comprises the vast majority of Meridian’s energy production, will improve as weather conditions normalise. This, combined with favourable changes to transmission pricing and a li...
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