Mercury Increases Guidance on Favourable Hydro Conditions; FVE Unchanged at NZD 3.60
Weather conditions over the third quarter have continued to benefit narrow-moat Mercury. Higher-than-average rainfall caused management to lift guidance for fiscal 2018 hydroelectricity generation volumes by 150 GWh to 4,700 GWh, and in turn increase EBITDA guidance by 2% to NZD 540 million. While we have slightly increased our near-term forecasts, the earnings uptick is not material to our unchanged fair value estimate of NZD 3.60 (AUD 3.35), and at current prices, shares in Mercury remain fair...Mercury NZ is engaged in the investment, development and producing of electricity from renewable and other energy sources, selling of energy and energy related services and products to retail and wholesale customers. As of June 30 2013, Co. had 388,000 electric customers.
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