Performance Goes from Good to Better; We Increase Mercury's FVE to NZD 3.60
Weather conditions remain highly favourable for narrow-moat Mercury NZ, which is benefiting from plenty of rain while major competitors face dry conditions. We estimate higher hydroelectric generation and high wholesale prices should see double-digit first-half EBITDA growth. Second-half growth is unlikely to be as good given the firm had a very strong finish to fiscal 2017, and rainfall may not be as favourable. Nonetheless, the firm upgraded fiscal 2018 EBITDA guidance 3% to NZD 530 million ba...
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