Meridian Energy Ltd

MEZ: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$1.50	Hwgmcc	Vzhjrrrw

Meridian's Fair Value Lifted To Reflect a Stable Regulatory Environment (Corrected)

Nov 17, 2014

Meridian Energy's annual general meeting did not spring any surprises. The company is comfortable with consensus forecast for underlying earnings before interest, tax, depreciation and amortisation, or EBITDA, of NZD 607 million for fiscal 2015. However, actual results could vary dramatically from forecast considering Meridian's dependence on hydro and wind generation which are at the whims of the weather. We maintain our 2015 EBITDA projection of NZD 610 million predicated on normal hydrology and wind conditions.

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