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  1. #1
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    Default MNW - Manawa Energy

    Manawa Energy (MNW) - the woke version of Trustpower after the sell-off of it's retail business to Mercury and it's Australian renewable generation assets.

    https://www.rnz.co.nz/news/business/...iness-for-441m

    Infratil still owns 51% of this enterprise. Some thoughts on its investability?
    Last edited by Panda-NZ-; 11-09-2023 at 03:11 PM.

  2. #2
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    Quote Originally Posted by Panda-NZ- View Post
    Manawa Energy (MNW) - the woke version of Trustpower after the sell-off of it's retail business to Mercury and it's Australian renewable generation assets.

    https://www.rnz.co.nz/news/business/...iness-for-441m

    Infratil still owns 51% of this enterprise. Some thoughts on its investability?

    Seems to trade at a reasonable pe compared to the other power companies, forward pe of 23.21 with growth from new generation. Have to view it as part of Infratil’s global renewable portfolio.

  3. #3
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    Quote Originally Posted by huxley View Post
    Have to view it as part of Infratil’s global renewable portfolio.
    Is renewable energy valuable. You would think that with the move to renewable energy as being a new gold standard, it's value would be enhanced and reflected in the SP. Instead when the retail arm is sold for presumably fair value, the SP falls by more than $2. I feel the transition to green energy to save the world from climate change is not valued.
    Last edited by bottomfeeder; 12-09-2023 at 03:10 PM.

  4. #4
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    Ift would be fully aware of the lower ROE in renewables investment in Nz versus it's international portfolio.

    This is probably why Trust power and now Manawa have not received large capital investment over the years comparative to the rest of their portfolio.

  5. #5
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    Quote Originally Posted by bottomfeeder View Post
    Is renewable energy valuable. You would think that with the move to renewable energy as being a new gold standard, it's value would be enhanced and reflected in the SP. Instead when the retail arm is sold for presumably fair value, the SP falls by more than $2. I feel the transition to green energy to save the world from climate change is nor valued.

    I can remember buying Tilt Renewable shares for ~$1.30 before Infratil tried to buy the whole company for $2.30ish per share, they were only able to increase to 65% ownership. That was a few years before they sold Tilt for $8.00 in 2021.

    I guess the market didn’t value the transition then either..

  6. #6
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    https://www.nzx.com/announcements/421486

    Highlights
    • EBITDAF from continuing operations ($78m) and underlying earnings ($39m) up 11% and 13% respectively;
    • Profit from continuing operations up 38%;
    • Profit after tax down 86% after last year’s one-off gain from the sale of the Trustpower retail business of $349m;
    • Generation volumes up 14% to meet market demand ahead of planned outage at Waipori;
    • Landholder agreements or options in place for more than 950MW of new solar and wind projects;
    • Pipeline of new development projects includes Kaihiku Wind Farm (announced Oct 2023), Ototoka Wind Farm (new), Hapuakohe Wind Farm (new), and expansion of Argyle Solar Farm (announced May 2023);
    • Good progress with refurbishment and replacement programme across key hydro assets, set to deliver an ongoing annual uplift of more than 78GWh by 2028;
    • New sustainable finance framework established, Green Bonds now comprise more than 80% of the company’s debt;
    • Interim dividend of 8.0 cents per share to be paid on 1 December 2023, up from 7.5 cents last year.

  7. #7
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    MNW is a solid, underrated company

  8. #8
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    Default

    Quote Originally Posted by shareman View Post
    MNW is a solid, underrated company
    Have to agree, but if the SP was and unfortunately is a gauge of the success of a company MNW is a dog. Lost 40% of value over such a short period of time and not looking to recover that anytime soon.

  9. #9
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    Quote Originally Posted by bottomfeeder View Post
    Have to agree, but if the SP was and unfortunately is a gauge of the success of a company MNW is a dog. Lost 40% of value over such a short period of time and not looking to recover that anytime soon.
    Along with a lot of others on the NZX.

  10. #10
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    Quote Originally Posted by 777 View Post
    Along with a lot of others on the NZX.
    Yep our market is depressed. MNW SP dropping even though promising results.

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