Strong Fiscal 2017 for Mercury; Increasing our FVE to NZD 3.40
Mercury NZ reported a strong fiscal 2017 result as heavy North Island rainfall increased hydroelectric generation, in line with expectations. We lift our fair value 6% to NZD 3.40 on the time value of money and minor longer-term earnings upgrades. At the current price, we believe Mercury is fairly valued. There is no change to the firm's narrow economic moat rating, which is underpinned by its high-quality portfolio of renewable generation assets that benefit from cost advantages and high barrie...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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