Financials Meridian Energy Limited

Equities

MEL

NZMELE0002S7

Electric Utilities

End-of-day quote New Zealand S.E. 18:00:00 2024-06-23 EDT 5-day change 1st Jan Change
6.15 NZD +0.82% Intraday chart for Meridian Energy Limited -1.91% +11.01%

Valuation

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 12,173 12,326 13,656 12,063 14,466 15,920 - -
Enterprise Value (EV) 1 13,479 13,839 15,281 12,910 15,698 17,136 17,091 17,058
P/E ratio 36 x 69.7 x 31.9 x 18.1 x 151 x 43.1 x 30.8 x 28.4 x
Yield 4.48% 3.51% 3.17% 3.72% 3.2% 3.28% 3.92% 4.17%
Capitalization / Revenue 3.49 x 3.62 x 3.18 x 3.26 x 4.49 x 3.43 x 3.28 x 3.44 x
EV / Revenue 3.86 x 4.06 x 3.56 x 3.49 x 4.87 x 3.69 x 3.52 x 3.69 x
EV / EBITDA 16.1 x 16.2 x 21 x 18.2 x 20 x 19.2 x 15.3 x 14.4 x
EV / FCF 23.8 x 24.6 x 43 x 44.7 x 87.2 x 29 x 29.3 x 23.4 x
FCF Yield 4.2% 4.06% 2.32% 2.24% 1.15% 3.45% 3.41% 4.27%
Price to Book 2.23 x 2.42 x 2.61 x 2.18 x 2.42 x 2.65 x 2.62 x 2.62 x
Nbr of stocks (in thousands) 2,562,743 2,562,535 2,562,114 2,577,566 2,583,169 2,588,595 - -
Reference price 2 4.750 4.810 5.330 4.680 5.600 6.150 6.150 6.150
Announcement Date 8/25/19 8/25/20 8/24/21 8/23/22 8/28/23 - - -
1NZD in Million2NZD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,491 3,405 4,296 3,703 3,222 4,648 4,849 4,622
EBITDA 1 838 854 729 709 783 894.1 1,120 1,186
EBIT 1 562 542 426 416 489 581.9 793.4 853.6
Operating Margin 16.1% 15.92% 9.92% 11.23% 15.18% 12.52% 16.36% 18.47%
Earnings before Tax (EBT) 1 472 239 595 625 126 525.5 736.7 789.5
Net income 1 339 176 428 664 95 368.8 517.8 561.9
Net margin 9.71% 5.17% 9.96% 17.93% 2.95% 7.93% 10.68% 12.16%
EPS 2 0.1320 0.0690 0.1670 0.2580 0.0370 0.1427 0.1995 0.2166
Free Cash Flow 1 566 562 355 289 180 591.5 583.5 729
FCF margin 16.21% 16.51% 8.26% 7.8% 5.59% 12.73% 12.03% 15.77%
FCF Conversion (EBITDA) 67.54% 65.81% 48.7% 40.76% 22.99% 66.15% 52.09% 61.49%
FCF Conversion (Net income) 166.96% 319.32% 82.94% 43.52% 189.47% 160.4% 112.69% 129.75%
Dividend per Share 2 0.2130 0.1690 0.1690 0.1740 0.1790 0.2016 0.2412 0.2563
Announcement Date 8/25/19 8/25/20 8/24/21 8/23/22 8/28/23 - - -
1NZD in Million2NZD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2023 S1 2024 S1
Net sales 1 1,780 1,625 1,869 2,427 1,672 1,529 2,111
EBITDA 1 465 - - - 394 425 443
EBIT - - - 157 - - -
Operating Margin - - - 6.47% - - -
Earnings before Tax (EBT) - - - - - - -
Net income - - - - - - -
Net margin - - - - - - -
EPS - - - - - - -
Dividend per Share 2 0.0814 - - - 0.0585 0.0600 0.0615
Announcement Date 2/25/20 8/25/20 2/23/21 8/24/21 2/22/22 3/1/23 2/27/24
1NZD in Million2NZD
Estimates

Balance Sheet Analysis

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,306 1,513 1,625 847 1,232 1,216 1,171 1,138
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.558 x 1.772 x 2.229 x 1.195 x 1.573 x 1.361 x 1.045 x 0.9601 x
Free Cash Flow 1 566 562 355 289 180 592 584 729
ROE (net income / shareholders' equity) 6.6% 6.02% 4.5% 4.34% 5.47% 6.2% 8.65% 9.37%
ROA (Net income/ Total Assets) 3.71% 3.29% 2.38% 2.42% 3.25% 5.19% 6.94% 7.47%
Assets 1 9,137 5,352 17,967 27,394 2,924 7,104 7,466 7,520
Book Value Per Share 2 2.130 1.980 2.040 2.140 2.320 2.320 2.340 2.350
Cash Flow per Share 2 0.2500 0.2400 0.1700 0.1800 0.2000 0.2800 0.3100 0.3400
Capex 1 45 43 76 141 316 360 274 230
Capex / Sales 1.29% 1.26% 1.77% 3.81% 9.81% 7.75% 5.66% 4.98%
Announcement Date 8/25/19 8/25/20 8/24/21 8/23/22 8/28/23 - - -
1NZD in Million2NZD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
5
Last Close Price
6.15 NZD
Average target price
6.222 NZD
Spread / Average Target
+1.17%
Consensus

Quarterly revenue - Rate of surprise

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