Stronger Wholesale Prices and Hydro Generation Driving Earnings Growth for Meridian
Narrow-moat Meridian Energy had a strong first-half fiscal 2019, as expected. EBITDA rose 18% to NZD 389 million and underlying NPAT rose 38% to NZD 144 million. The result was driven by strong increases in hydroelectric generation and wholesale prices. We make minor changes to near-term earnings forecasts but longer-term forecasts are largely unchanged. We maintain our NZD 3.20 fair value estimate and consider the stock marginally overvalued at current prices.Meridian’s largest and “moatiest†...
Meridian Energy is engaged in the generation, trading and retailing of electricity, related products and services. Co. operates in three reportable segments. The wholesale segment includes generation and sale of electricity to wholesale market; purchase and resale of electricity to industrial and retail customers; development of New Zealand renewable energy generation opportunities; and provision of risk management and dam consultancy services. The retail segment includes purchase and sale of electricity to retail customers; and provision of metering services. The international segment includes generate, sale and retail of electricity within Australia and United States.
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