Manawa Energy Ltd

MNW: XNZE (NZL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	NZD 6.90	Zsqdqyy	Lsxyxljj

Manawa Earnings: Power Station Outages to Delay Profit Growth

Adrian Atkins

May 20, 2024

Narrow-moat-rated Manawa Energy’s fiscal 2024 EBITDA of NZD 145 million was up 6% on last year and close to our expectations. Dividends surprised on the upside, up 19% to NZD 0.19 per share for the full year on an increased payout ratio, which we think is appropriate because of the good outlook. We continue to expect solid medium-term earnings growth as contracted sales prices and generation volumes rise. However, guidance for fiscal 2025 EBITDA of NZD 130 million-NZD 150 million missed our expectations because of planned outages at power stations for upgrades, which are also expected to hurt fiscal 2026.

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