The company's retail volumes and generation capacity continue to edge up and the broker predicts steady growth from FY21 to FY24.
Morgans sees challenges in the second half, noting the seasonal skew of windfarms, volatility in spot electricity prices and an outage at Lake Bonney windfarm.
Morgans expects growth in Commercial and Industrial customers will offset weaker margins from large-scale-generation certificate sales, and the broker is cautious on hedging sales.
Target price eases to 80c from 83c, to reflect more conservative assumptions. Add rating retained.
Sector: Utilities.
Target price is
© 2020 Acquisdata Pty Ltd., source