According to NBR Meridian have got a better power supply deal with TAS. "Meridian likely to pocket up to $25 million from Tiwai smelter deals".
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According to NBR Meridian have got a better power supply deal with TAS. "Meridian likely to pocket up to $25 million from Tiwai smelter deals".
Meridian shareholders will be pleased to see that RIO's aluminium operations were one of their better performers this half.
http://www.asx.com.au/asxpdf/2015080...tjnqw0bwth.pdf
I hold.
A good dividend for shareholders
https://nzx.com/files/attachments/218775.pdf
excellent result and excellent dividends - you would think the current price should track north too over time with such a good div yield available and te - wai point uncertainty gone now.
Excellent result, very pleasing divvy :t_up:
Hmmm..up 10 to 229 is this knee jerk stuff at opening? .....back of the envelope stuff I can see all the net profit + most of the revalued assets figure = the Divvy + special
Awaiting Snoopy and Winners expert FA
dropped back to +7 ...
Disc:..got heaps
MEL
Underlying NPAT $209m
Market Cap $5792M
PE 27.71
GNE
Reuters consensus EPS 8.21
SP $1.76
PE 21.43
GNE positive, opex uplift from HLY closure, removal of gas overhang from Solid energy out clause (my intepretation)
GNE negative, have become a discounting retailer, likely biggest target of upstart entrants, carbon costs increasing, seem to have limited power plant development appetite/capability. Kupe decline
MEL positive - chance to build windfarms again on thermal plant closure, australia toehold expansion, TPM review, Tiwai short term uplift
MEL negative - Tiwai risk will never go away, will need to run a more conservative storage position after thermal closure, margin of safety well reduced (or will need to pay for more cover)
Thoughts?
Traderx - SnoopDog will probably give you a better explanation but I think the different is that MEL is a low cost provider with long asset lifes whereas GNE is a high cost provider with short asset life's and a gas field with a terminal value of $0. Still think PE of 27.71 is abit high but with term deposits at under 4% (locked away for 4 years!), the steady dividends from both is holding them up.
if transmission review changes charges according to use instead of subsidising the nth mel will benefit as will ti wai
also there aust stuff adds a element of possible growth compared to others
I will be interested in comments on lack of full imputation credits in MEL divvy. CEN divvy had none at all. A lot has been said of GNE having a potential imputation shortfall. Next Tuesday will be revealing.