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>Manawa Energy's (MNW) updated FY23 and FY24 guidance highlights the cost of developing options and the vagaries of the wholesale electricity market.</li><li>Strong 4Q23 hydro generation has boosted FY23 EBITDAF earnings to the top of MNW's NZ$127.5m to NZ$140.0m guidance range</li><li>FY24 has been impacted by increasing development costs and lower ASX futures prices, reducing FY24 earnings expectations</li></ul>

Manawa Energy's (MNW) updated FY23 and FY24 guidance highlights the cost of developing options and the vagaries of the wholesale electricity market.Strong 4Q23 hydro generation has boosted FY23 EBITDAF earnings to the top of MNW's NZ$127.5m to NZ$140.0m guidance rangeFY24 has been impacted by increasing development costs and lower ASX futures prices, reducing FY24 earnings expectations

Manawa Energy: Wholesale Hits to Earnings

Manawa Energy Ltd

Manawa Energy: Wholesale Hits to Earnings