Near-Term Water Woes Immaterial to Mercury's Intrinsic Value; Shares Fairly Valued
Following January's 50 Gigawatt hour, or GWh, cut in fiscal 2019 hydroelectric volume guidance to 4,150 GWh, continuing dry weather in Mercury's Taupo catchment has the firm again lowering hydro generation guidance. The new expectation of 4,000 GWh is in line with historical averages. We have lowered our near-term forecasts for the firm, but the change is immaterial to our unchanged fair value estimate of NZD 3.70 per share. Our long-term thesis remains intact. We expect Mercury to continue gene...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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