Contact Is Having a Good Year; Fair Value Estimate Increases 4%
Contact Energy is having a good fiscal 2019, with earnings tracking comfortably above last year. We increase our fair value estimate for Contact Energy 4% to NZD 6.50 per share on the time value of money and slightly improved medium-term expectations for electricity prices as market conditions continue to improve. Storage levels in the North Island remain low, at around 60% of mean, allowing South Island-based Contact to benefit from elevated electricity prices. Contact's hydro generation assets...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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