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>Mercury's (MCY) 3Q24 operating metrics are best described as steady, with the benefits of its new wind farms evident as they offset softer (but still above average) hydro generation.</li><li>Pricing across all product categories remains strong and our upwards forecast movements is due to a combination of a higher forward wholesale electricity price, and gas and telco prices rising faster than expected.</li><li>We raise our target price +15cps (+2.9%) to NZ$5.35, but retain our UNDERPERFORM rating as MCY remains expensive. </li></ul>

Mercury's (MCY) 3Q24 operating metrics are best described as steady, with the benefits of its new wind farms evident as they offset softer (but still above average) hydro generation.Pricing across all product categories remains strong and our upwards forecast movements is due to a combination of a higher forward wholesale electricity price, and gas and telco prices rising faster than expected.We raise our target price +15cps (+2.9%) to NZ$5.35, but retain our UNDERPERFORM rating as MCY remains expensive. 

Mercury - 3Q24 Op Stats — Favourable Tailwinds External Inbox Updates

Mercury NZ Ltd

Mercury - 3Q24 Op Stats — Favourable Tailwinds External Inbox Updates