Record 1H for Mercury; Stock Looks Relatively Attractive After Dip
Narrow-moat-rated Mercury NZ posted record first-half EBITDA of NZD 301 million, up 11% on the same period last year. The firm benefited from ideal weather conditions, with plenty of rain in the North Island boosting its hydroelectric production, while low South Island rain kept the wholesale price high. Full-year guidance for EBITDA of NZD 530 million is unchanged, and we think the firm can do a little better. We make minor adjustments to our earnings forecasts but maintain our NZD 3.60 fair va...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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