Weak 1H18 but Contact’s Hydrology Problems Don't Lessen Long-Term Prospects; NZD 6.20 FVE Unchanged
We retain our NZD 6.20 fair value estimate for narrow-moat-rated Contact Energy following the release of first-half fiscal 2018 results. EBITDA of NZD 236 million was down 11% from first half of fiscal 2017, with underlying profit falling 28% to NZD 59 million. January operating statistics, also released today, were no more encouraging, suggesting EBITDA for the seven months to January 2018 is tracking more than 10% behind 2017. We temper expectations for a second-half recovery in hydro inflows,...
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