Solid First Half for Contact; We Lift Our Valuation to NZD 5.80
Contact Energy's first-half fiscal 2017 result was in line with expectations, with EBITDA up 3% to NZD 261 million and net income up 12% to NZD 82 million. However, January operating statistics, also released today, were strong and suggest EBITDA for the financial year to date (seven months) is up around 5%. We make minor upgrades to our forecasts, and increase our fair value estimate by 4% to NZD 5.80 per share. At the current price of NZD 4.80, we believe Contact is attractive, offering a 5.4%...Contact Energy sell electricity, gas and liquefied petroleum gas (LPG) products and services to residential, small business, commercial and industrial customers. Co. has two operating segments: Integrated Energy, which is a generator of electricity and a purchaser and retailer of electricity and natural gas to customers throughout New Zealand; as well as Other, which consists of other products and services provided by Co., which includes the sale of LPG.
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