Strong Fiscal 2018 for Narrow-Moat Trustpower; Shares Fairly Valued
Good performances across retail and generation drove a strong fiscal 2018 result for narrow-moat-rated Trustpower, with underlying earnings after tax increasing 17% to NZD 135 million. However, earnings are expected to fall around 20% in fiscal 2019 on normalisation of hydroelectric generation volumes, the loss of earnings from divested Australian assets and partial loss of avoided cost of transmission, or ACOT, revenue. We make only minor changes to our earnings forecasts and maintain our fair ...
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