Morningstar says good momentum for Meridian may continue in fiscal 2024

Meridian Energy

29/08/2023 20:58

** Analysts at Morningstar says good momentum for Meridian
Energy  MEL.NZ  likely to continue in fiscal 2024
    ** "We expect to see more mass-market price increases and
higher prices for the aluminum smelter when its sweetheart deal
ends in 2024" - Morningstar
    ** "MEL is in strong financial health, forecast net
debt/EBITDA of less than 1.5 during the next few years" -
brokerage
    ** MEL posts FY net profit after tax of NZ$95 mln ($56.73
mln), down from NZ$664 mln reported last year
    ** Co says the first power from the Harapaki wind farm is
now expected during October this year
    ** "MEL performed well in fiscal 2023 despite missing most
of the rain that benefited North Island hydroelectric
competitors" - Morningstar
    ** MEL has risen 2.3% YTD, as of last close 


($1 = 1.6745 New Zealand dollars)

 (Reporting by Aishwarya Nair in Bengaluru)
 ((Aishwarya.Nair@thomsonreuters.com; +91-9167838937 Twitter: https://twitter.com/Aishwaryartrs
 ;))