Dry Conditions Continue to Haunt Contact; But the Longer-Term Outlook Is Favourable
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...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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