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Contact Energy Ltd CEN

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Tweaking Fiscal 2021 Forecasts for NZ Utilities

Adrian Atkins Senior Equity Analyst

Analyst Note

| Adrian Atkins |

We adjust our fiscal 2021 earnings forecasts for the four major New Zealand utilities following release of their June operating performance reports. The earnings changes mostly stem from volatility in rainfall and wholesale electricity prices, and don't impact our long-term-based fair value estimates. Narrow moat ratings remain intact, underpinned by dominant positions in New Zealand's electricity industry and long-life, low-cost, renewable power stations. Nonetheless, they are expensive, particularly the 100%-renewable Mercury NZ and Meridian Energy.

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Company Profile

Business Description

Contact Energy Limited is a diversified and integrated energy company, focussing on the generation of electricity and the sale of electricity and gas to nearly half a million customers. Its nine power stations generate close to one quarter of New Zealand's electricity. The firm's generation business employs a mix of fuels, mainly hydro, geothermal, and gas.

29 Brandon Street, Harbour City Tower
Wellington, 6011, New Zealand
T +64 44994001
Sector Utilities
Industry Utilities - Independent Power Producers
Most Recent Earnings
Fiscal Year End Jun 30, 2021
Stock Type
Employees 934

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