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 (MCY) has capped FY23 with another quarter of strong hydro generation, lifting total generation above 9TWh for the first time.</li><li>Slightly higher than forecast generation volumes and stronger than expected financial sales pricing has lifted our FY23 EBITDAF forecast +NZ$25m (+3.1%) to NZ$820m, and +NZ$25m above guidance.</li><li>Our target price has increased +6cps (+1.1%) to NZ$5.51. </li></ul>

Mercury (MCY) has capped FY23 with another quarter of strong hydro generation, lifting total generation above 9TWh for the first time.Slightly higher than forecast generation volumes and stronger than expected financial sales pricing has lifted our FY23 EBITDAF forecast +NZ$25m (+3.1%) to NZ$820m, and +NZ$25m above guidance.Our target price has increased +6cps (+1.1%) to NZ$5.51. 

Mercury: Hydro Power Does It Again — 4Q23 Op Stats

Mercury NZ Ltd

Mercury: Hydro Power Does It Again — 4Q23 Op Stats