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>Strong hydrology, wind, and wholesale electricity prices have combined to produce a strong March 2024 and 3Q24 operating performance for Meridian Energy (MEL), with that momentum expected to flow through to 4Q24.</li><li>We have lifted our FY24 EBITDAF and dividend forecast +NZ$53m (+6%) and +0.4cps (+2%) respectively, driving our +4% (+20cps) increase in target price to NZ$5.25.</li><li>The changes are largely short-term operational benefits, so the longer-term outlook is little changed. </li></ul>

Strong hydrology, wind, and wholesale electricity prices have combined to produce a strong March 2024 and 3Q24 operating performance for Meridian Energy (MEL), with that momentum expected to flow through to 4Q24.We have lifted our FY24 EBITDAF and dividend forecast +NZ$53m (+6%) and +0.4cps (+2%) respectively, driving our +4% (+20cps) increase in target price to NZ$5.25.The changes are largely short-term operational benefits, so the longer-term outlook is little changed. 

Meridian Energy - It's W3 — Wind, Water and Wholesale Prices