Contact Energy has a high-quality portfolio of generation assets
We downgrade Contact Energy's fiscal 2018 underlying EBITDA forecast by around 6% as protracted dry conditions in the South Island impact its hydroelectric production. However, we maintain our NZD 6.20 fair value estimate as weather, and hydro generation, should normalise. Our longer-term forecasts are largely unchanged. Reported EBITDA should be roughly in line with last year because of the gain on sale of the gas storage facility, which we exclude from our underlying numbers. We believe the re...
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