MEL Relative Valuation - Meridian Energy Ltd

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Price: 5.39 NZD Market Closed

Market Cap: NZ$14.2B

Relative Value

The Relative Value of one MEL stock under the Base Case scenario is 6.49 NZD. Compared to the current market price of 5.39 NZD, Meridian Energy Ltd is Undervalued by 17%.

Relative Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

What is Relative Valuation?

How is Relative Value calculated?

MEL Relative Value

Base Case

Undervaluation 17%

Relative Value

Price

Worst Case

Base Case

Best Case

Valuation Multiples

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Multiples Across Competitors

All Multiples

P/S

P/E

EV/EBITDA

EV/EBIT

Forward Multiples

			Market Cap	P/S	P/E	EV/EBITDA	EV/EBIT
NZ		Meridian Energy Ltd NZX:MEL	14.1B NZD	2.9	-31.2	20.2	20.2
CN		China Yangtze Power Co Ltd SSE:600900	665.8B CNY	8	20.4	19.7	19.7
ID	B	Barito Renewables Energy PT Tbk IDX:BREN	939.8T IDR	91.2	392	130.2	130.2
CN		Huaneng Lancang River Hydropower Inc SSE:600025	186.7B CNY	7.2	22.5	22	22
CN		China Longyuan Power Group Corp Ltd HKEX:916	170.7B HKD	4.6	28	24.5	24.5
CN		China Three Gorges Renewables Group Co Ltd SSE:600905	126.9B CNY	4.3	23.8	34.1	34.1
ES	E	EDP Renovaveis SA ELI:EDPR	13.6B EUR	3.6	-23.3	55.4	55.4
IN		Adani Green Energy Ltd NSE:ADANIGREEN	1.4T INR	11.3	94.1	21	29.7
RO		Societatea de Producere a Energiei Electrice in Hidrocentrale Hidroelectrica SA F:E28	12.2B EUR	7.5	20.5	13.9	17.7
CN		Sichuan Chuantou Energy Co Ltd SSE:600674	77B CNY	46.3	17.9	180.2	180.2
BM		Brookfield Renewable Partners LP TSX:BEP.UN	12.8B CAD	1.5	-132.8	9.9	31.8

				Revenue Growth	P/S to Growth
NZ		Meridian Energy Ltd NZX:MEL	Average P/S: 17.1 2.9	0%	N/A
CN		China Yangtze Power Co Ltd SSE:600900	8	2%	4
ID	B	Barito Renewables Energy PT Tbk IDX:BREN	91.2	N/A	N/A
CN		Huaneng Lancang River Hydropower Inc SSE:600025	7.2	5%	1.4
CN		China Longyuan Power Group Corp Ltd HKEX:916	4.6	6%	0.8
CN		China Three Gorges Renewables Group Co Ltd SSE:600905	4.3	9%	0.5
ES	E	EDP Renovaveis SA ELI:EDPR	3.6	7%	0.5
IN		Adani Green Energy Ltd NSE:ADANIGREEN	11.3	27%	0.4
RO		Societatea de Producere a Energiei Electrice in Hidrocentrale Hidroelectrica SA F:E28	7.5	5%	1.5
CN		Sichuan Chuantou Energy Co Ltd SSE:600674	46.3	8%	5.8
BM		Brookfield Renewable Partners LP TSX:BEP.UN	1.5	11%	0.1

				Earnings Growth	PEG
NZ		Meridian Energy Ltd NZX:MEL	Average P/E: 77.4 Negative Multiple: -31.2	N/A	N/A
CN		China Yangtze Power Co Ltd SSE:600900	20.4	5%	4.1
ID	B	Barito Renewables Energy PT Tbk IDX:BREN	392	N/A	N/A
CN		Huaneng Lancang River Hydropower Inc SSE:600025	22.5	7%	3.2
CN		China Longyuan Power Group Corp Ltd HKEX:916	28	6%	4.7
CN		China Three Gorges Renewables Group Co Ltd SSE:600905	23.8	8%	3
ES	E	EDP Renovaveis SA ELI:EDPR	Negative Multiple: -23.3	N/A	N/A
IN		Adani Green Energy Ltd NSE:ADANIGREEN	94.1	49%	1.9
RO		Societatea de Producere a Energiei Electrice in Hidrocentrale Hidroelectrica SA F:E28	20.5	2%	10.2
CN		Sichuan Chuantou Energy Co Ltd SSE:600674	17.9	5%	3.6
BM		Brookfield Renewable Partners LP TSX:BEP.UN	Negative Multiple: -132.8	N/A	N/A

				EBITDA Growth	EV/EBITDA to Growth
NZ		Meridian Energy Ltd NZX:MEL	Average EV/EBITDA: 48.3 20.2	17%	1.2
CN		China Yangtze Power Co Ltd SSE:600900	19.7	16%	1.2
ID	B	Barito Renewables Energy PT Tbk IDX:BREN	130.2	N/A	N/A
CN		Huaneng Lancang River Hydropower Inc SSE:600025	22	21%	1
CN		China Longyuan Power Group Corp Ltd HKEX:916	24.5	5%	4.9
CN		China Three Gorges Renewables Group Co Ltd SSE:600905	34.1	36%	0.9
ES	E	EDP Renovaveis SA ELI:EDPR	55.4	62%	0.9
IN		Adani Green Energy Ltd NSE:ADANIGREEN	21	30%	0.7
RO		Societatea de Producere a Energiei Electrice in Hidrocentrale Hidroelectrica SA F:E28	13.9	4%	3.5
CN		Sichuan Chuantou Energy Co Ltd SSE:600674	180.2	107%	1.7
BM		Brookfield Renewable Partners LP TSX:BEP.UN	9.9	5%	2

				EBIT Growth	EV/EBIT to Growth
NZ		Meridian Energy Ltd NZX:MEL	Average EV/EBIT: 51.4 20.2	-1%	N/A
CN		China Yangtze Power Co Ltd SSE:600900	19.7	4%	4.9
ID	B	Barito Renewables Energy PT Tbk IDX:BREN	130.2	N/A	N/A
CN		Huaneng Lancang River Hydropower Inc SSE:600025	22	3%	7.3
CN		China Longyuan Power Group Corp Ltd HKEX:916	24.5	3%	8.2
CN		China Three Gorges Renewables Group Co Ltd SSE:600905	34.1	3%	11.4
ES	E	EDP Renovaveis SA ELI:EDPR	55.4	33%	1.7
IN		Adani Green Energy Ltd NSE:ADANIGREEN	29.7	33%	0.9
RO		Societatea de Producere a Energiei Electrice in Hidrocentrale Hidroelectrica SA F:E28	17.7	4%	4.4
CN		Sichuan Chuantou Energy Co Ltd SSE:600674	180.2	-11%	N/A
BM		Brookfield Renewable Partners LP TSX:BEP.UN	31.8	41%	0.8

Meridian Energy Ltd
NZX:MEL

Relative Value

Valuation Multiples

Multiples Across Competitors

MEL Competitors Multiples
Meridian Energy Ltd Competitors

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Meridian Energy Ltd NZX:MEL

Relative Value

Valuation Multiples

Multiples Across Competitors

MEL Competitors Multiples Meridian Energy Ltd Competitors

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Company

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Stocks

Meridian Energy Ltd
NZX:MEL

MEL Competitors Multiples
Meridian Energy Ltd Competitors