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>Meridian Energy (MEL) has closed out 1H24 with a (slightly) soft month operationally, due mainly to below average hydro generation.</li><li>Despite the soft finish, we expect 1H24 to come in ahead of 1H23 with the key drivers higher wholesale electricity prices and retail margins. </li><li>Opex remains a concern and is running +2% above the top of MEL's FY24 guidance range. </li></ul>

Meridian Energy (MEL) has closed out 1H24 with a (slightly) soft month operationally, due mainly to below average hydro generation.Despite the soft finish, we expect 1H24 to come in ahead of 1H23 with the key drivers higher wholesale electricity prices and retail margins. Opex remains a concern and is running +2% above the top of MEL's FY24 guidance range. 

Meridian Energy - Treading Water — 1H24 Operating Statistics