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>We upgrade Meridian Energy (MEL) to OUTPERFORM.</li><li>In addition, in a low-interest-rate environment, electricity stocks should perform well.</li><li>While the FY25 result was terrible (for a low-risk electricity stock), a repeat is highly unlikely—particularly if MEL is successful in obtaining access to contingent hydro storage that currently can only be accessed in extreme situations.</li></ul>

We upgrade Meridian Energy (MEL) to OUTPERFORM.In addition, in a low-interest-rate environment, electricity stocks should perform well.While the FY25 result was terrible (for a low-risk electricity stock), a repeat is highly unlikely—particularly if MEL is successful in obtaining access to contingent hydro storage that currently can only be accessed in extreme situations.

Meridian Energy Ready For The Next Dry Spell—FY25 Result