TECT Backtracks; No Change to Trustpower's FVE
The Tauranga Energy Consumer Trust, or TECT, withdrew its controversial proposal to wind up over the next five years after pushback from consumers. This is good news for Trustpower, though a revised proposal is likely. Some downside risk remains, but TECT's support of Trustpower customers' best interests through the consultation process provides comfort. We maintain our NZD 5.90 fair value estimate for narrow moat-rated Trustpower. At current prices of NZD 5.63, it looks roughly fairly valued.A...
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