1 Meridian Energy EQUITY RESEARCH – New Zealand ANALYST FIRST NZ CAPITAL SECURITIES LIMITED IS A NZX FIRM Jason Lindsay +64 4 496 5338
[email protected] 29 October 2010 A valuation perspective PG 1 TABLE OF CONTENTS TABLE OF CONTENTS ....................................................................................................................................................... 2 EXECUTIVE SUMMARY...................................................................................................................................................... 3 Recent Performance .................................................................................................................................................................................3 Earnings Outlook ......................................................................................................................................................................................3 Base Case Valuation .................................................................................................................................................................................3 Key Assumptions.......................................................................................................................................................................................3 Sensitivity Analysis....................................................................................................................................................................................3