Manawa Energy Ltd

MNW: XNZE (NZL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	NZD 4.90	Jkkxnl	Tptsbbgww

Manawa Energy: Healthy Outlook Despite Weak Share Price

Adrian Atkins

Sep 21, 2023

Narrow-moat-rated Manawa Energy's share price is down more than 20% in the past year, a significant underperformance compared with other electricity “gentailers” in New Zealand. The shares are currently trading at a 30% discount to our NZD 6.30 fair value estimate. We believe the company continues to have a positive medium-term outlook due to rising electricity prices and generation volumes, as the firm upgrades its hydroelectric schemes. Over the longer term, Manawa has a significant wind and solar farm development pipeline to help meet the growing demand for renewable electricity, as New Zealand further decarbonizes.

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