Meridian Energy's underlying earnings continue to grow strongly despite lower hydroelectric volumes, Ord Minnett notes. For 2024, the broker estimates 5% growth bit ti would have been mid-teens but for some abnormally large hedge gains.

Ord Minnett has downgraded earnings forecasts mainly due to weaker hydroelectric volumes, with longer term forecasts largely unchanged.

Target falls to NZ$4.40 from NZ$4.60, Lighten retained.

Sector: Utilities.

Current Price is $4.90. Target price not assessed.

© 2023 Acquisdata Pty Ltd., source FN Arena