New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Challenging hydro and wind conditions have led Manawa Energy (MNW) to lower its FY25 EBITDAF guidance for the second time this year.</li><li>While the downgrade is unwelcome, it appears to be a one-off, with rising wholesale electricity prices supporting MNW's long-term earnings.</li><li>The downgrade also underscores the risks of selling too much electricity at fixed prices without adequate backup, suggesting MNW's safe sellable volumes in a market lacking strong thermal generation may be lower than previously thought. </li></ul>

Challenging hydro and wind conditions have led Manawa Energy (MNW) to lower its FY25 EBITDAF guidance for the second time this year.While the downgrade is unwelcome, it appears to be a one-off, with rising wholesale electricity prices supporting MNW's long-term earnings.The downgrade also underscores the risks of selling too much electricity at fixed prices without adequate backup, suggesting MNW's safe sellable volumes in a market lacking strong thermal generation may be lower than previously thought. 

Manawa Energy Ltd

Manawa Energy - Guidance Trickles Down