Stock MEL MERIDIAN ENERGY LIMITED
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Financials Meridian Energy Limited

Equities

MEL

NZMELE0002S7

Electric Utilities

End-of-day quote New Zealand S.E.
Other stock markets
 06:00:00 2024-05-02 pm EDT 		5-day change 1st Jan Change
6.1 NZD +1.50% Intraday chart for Meridian Energy Limited +3.13% +10.11%
Apr. 17 Meridian Expects to Complete North Dakota Refinery Construction in Late 2026 -- OPIS DJ
Apr. 16 New Zealand Shares Drop on Inflation Concerns; Auckland International Airport Falls Slightly Despite Positive March Data MT

Valuation

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 12,173 12,326 13,656 12,063 14,466 15,790 - -
Enterprise Value (EV) 1 13,479 13,839 15,281 12,910 15,698 17,036 17,000 16,926
P/E ratio 36 x 69.7 x 31.9 x 18.1 x 151 x 45 x 34.6 x 29.6 x
Yield 4.48% 3.51% 3.17% 3.72% 3.2% 3.15% 3.65% 3.91%
Capitalization / Revenue 3.49 x 3.62 x 3.18 x 3.26 x 4.49 x 3.68 x 3.61 x 3.55 x
EV / Revenue 3.86 x 4.06 x 3.56 x 3.49 x 4.87 x 3.97 x 3.89 x 3.81 x
EV / EBITDA 16.1 x 16.2 x 21 x 18.2 x 20 x 19.7 x 16.4 x 14.8 x
EV / FCF 23.8 x 24.6 x 43 x 44.7 x 87.2 x 30.9 x 32.9 x 25.4 x
FCF Yield 4.2% 4.06% 2.32% 2.24% 1.15% 3.24% 3.04% 3.94%
Price to Book 2.23 x 2.42 x 2.61 x 2.18 x 2.42 x 2.63 x 2.6 x 2.56 x
Nbr of stocks (in thousands) 2,562,743 2,562,535 2,562,114 2,577,566 2,583,169 2,588,594 - -
Reference price 2 4.750 4.810 5.330 4.680 5.600 6.100 6.100 6.100
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 4,289 4,372 4,448
EBITDA 1 838 854 729 709 783 864.8 1,039 1,147
EBIT 1 562 542 426 416 489 558.9 718.9 821.7
Operating Margin 16.1% 15.92% 9.92% 11.23% 15.18% 13.03% 16.44% 18.47%
Earnings before Tax (EBT) 1 472 239 595 625 126 495 638.3 757.7
Net income 1 339 176 428 664 95 347.4 455 536.6
Net margin 9.71% 5.17% 9.96% 17.93% 2.95% 8.1% 10.41% 12.06%
EPS 2 0.1320 0.0690 0.1670 0.2580 0.0370 0.1357 0.1761 0.2061
Free Cash Flow 1 566 562 355 289 180 552 516 667.5
FCF margin 16.21% 16.51% 8.26% 7.8% 5.59% 12.87% 11.8% 15.01%
FCF Conversion (EBITDA) 67.54% 65.81% 48.7% 40.76% 22.99% 63.83% 49.66% 58.2%
FCF Conversion (Net income) 166.96% 319.32% 82.94% 43.52% 189.47% 158.89% 113.4% 124.41%
Dividend per Share 2 0.2130 0.1690 0.1690 0.1740 0.1790 0.1924 0.2227 0.2387
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 2024 Q4
Net sales 1,780 1,625 1,869 2,427 1,672 1,529 2,111 -
EBITDA 1 465 - - - 394 425 443 241.7
EBIT - - - 157 - - - -
Operating Margin - - - 6.47% - - - -
Earnings before Tax (EBT) - - - - - - - -
Net income - - - - - - - -
Net margin - - - - - - - -
EPS - - - - - - - -
Dividend per Share 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 Million
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 1,246 1,209 1,136
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.558 x 1.772 x 2.229 x 1.195 x 1.573 x 1.44 x 1.164 x 0.9903 x
Free Cash Flow 1 566 562 355 289 180 552 516 668
ROE (net income / shareholders' equity) 6.6% 6.02% 4.5% 4.34% 5.47% 5.9% 7.82% 8.92%
ROA (Net income/ Total Assets) 3.71% 3.29% 2.38% 2.42% 3.25% 4.4% 5.72% 6.89%
Assets 1 9,137 5,352 17,967 27,394 2,924 7,895 7,959 7,789
Book Value Per Share 2 2.130 1.980 2.040 2.140 2.320 2.320 2.350 2.380
Cash Flow per Share 2 0.2500 0.2400 0.1700 0.1800 0.2000 0.2700 0.2800 0.3300
Capex 1 45 43 76 141 316 360 274 231
Capex / Sales 1.29% 1.26% 1.77% 3.81% 9.81% 8.4% 6.28% 5.2%
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

Ratings for Meridian Energy Limited

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
5
Last Close Price
6.1 NZD
Average target price
5.856 NZD
Spread / Average Target
-4.00%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Hydroelectric & Tidal Utilities

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Hydroelectric & Tidal Utilities
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