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) finished 1H25 with a solid set of operating statistics that saw it back off hydro generation and take advantage of near-record-low wholesale electricity prices.</li><li>We anticipate 1H25 earnings will be similar to 1H24, which would be a good outcome given the challenges of 1Q25.</li><li>The MSCI pricing period has commenced. We remain of the view that MCY will fall out of the index at the end of February 2025, which is providing an extended buying opportunity in MCY. </li></ul>

Mercury (MCY) finished 1H25 with a solid set of operating statistics that saw it back off hydro generation and take advantage of near-record-low wholesale electricity prices.We anticipate 1H25 earnings will be similar to 1H24, which would be a good outcome given the challenges of 1Q25.The MSCI pricing period has commenced. We remain of the view that MCY will fall out of the index at the end of February 2025, which is providing an extended buying opportunity in MCY. 

Mercury - Taking Advantage of Flexibility—2Q25 Op Stats

Mercury NZ Ltd

Mercury - Taking Advantage of Flexibility—2Q25 Op Stats