Manawa Energy Ltd

MNW: XNZE (NZL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	NZD 2.90	Fydmxn	Strryph

Trustpower is Well-Positioned to Benefit from Growth Initiatives

Adrian Atkins

Sep 18, 2015

We expect initiatives outside Trustpower's core New Zealand electricity generation business, namely the renewable energy market in Australia and its retail multiproduct strategy in New Zealand, to help drive revenue growth. Execution of pending Australian wind projects and greater clarity on their expected returns, plus further progress on the retail strategy are key catalysts for a re-rating. We make no changes to our fair value estimate of NZD 8.50. Currently, Trustpower shares are trading 11% below our fair value estimate.

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