Mercury NZ (MRY) Price & Analysis
MRY Stock Chart & Stats
- Day’s Range
- EUR 3.18 - EUR 3.18
- 52-Week Range
- EUR 2.96 - EUR 3.72
- Previous Close
- EUR 3.16
- Volume
- 0
- Average Volume (3M)
- 0
- Market Cap
- EUR 4.90B
- Enterprise Value
- EUR 12.23B
- Total Cash (Recent Filing)
- EUR 77.00M
- Total Debt (Recent Filing)
- EUR 2.47B
- Price to Earnings (P/E)
- 30.2
- Beta
- -0.04
- Next Earnings
- Feb 23, 2027
- EPS Estimate
- N/A
- Next Dividend Ex-Date
- N/A
- Dividend Yield
- 5.01%
Bulls Say, Bears Say
Bulls Say
Renewable Generation And Earnings Growth
Higher renewable output from newly commissioned projects is driving a substantial earnings rebound and expanding Mercury’s generation base. FY27 guidance remains above FY26, while the raised FY30 EBITDAF floor indicates management expects the benefits of capacity growth to persist.
Visible Renewable Investment Pipeline
Mercury has a sizable, actively funded development pipeline that can support long-term generation growth and energy-transition demand. The PKH commitment, geothermal drilling program, and reinvestment of $710m demonstrate execution capacity and continued asset expansion.
Manageable Leverage And Liquidity
A manageable leverage position and substantial liquidity give Mercury flexibility to fund renewable projects while retaining resilience through operating variability. Even with forecast growth investment, management expects leverage to peak around 2.6x before declining, supporting financial stability.
Bears Say
Revenue Softness And Earnings Volatility
The sharp profit recovery has not yet translated into consistent top-line growth, and historical margin swings show that earnings remain sensitive to operating conditions. Revenue softness and uneven profitability make the durability of the rebound less certain over the medium term.
Thin And Inconsistent Free Cash Flow
Weak free cash flow conversion reduces the cash available for debt reduction, dividends, and internally funded growth. Although operating cash flow was solid, uneven free cash flow and heavy reinvestment increase reliance on disciplined capital allocation and could constrain flexibility if earnings weaken.
Hydrology And Project Delivery Exposure
Mercury’s generation and growth plans remain exposed to weather-driven hydrology, wholesale price effects, and infrastructure execution. Delayed approvals, project timing or transmission capacity could defer expected generation and demand benefits, making future EBITDAF targets harder to deliver.
MRY FAQ
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Company Description
Mercury NZ
Mercury NZ Limited is a prominent New Zealand energy provider focused on the generation, wholesale, and retail sale of electricity, alongside other related ventures. The company's operations are divided into distinct Generation/Wholesale, Retail, and Other segments. Its robust generation assets include nine hydroelectric power stations located along the Waikato River, five wind farms, and five geothermal facilities in the central North Island. Mercury supplies electricity to a diverse clientele, including residential, commercial, industrial, and spot market customers, marketed under its GLOBUG, Trustpower, and Mercury brands. Beyond electricity, the company also offers piped natural gas, telecommunication services, and various other products. Established in 1998, the entity known today as Mercury NZ Limited adopted its current name in July 2016, having previously operated as Mighty River Power Limited, and maintains its headquarters in Auckland, New Zealand.
- Sector
- Utilities
- Industry
- Renewable Utilities
- CEO
- Stewart Allan Hamilton
- Employees
- 1,301
- Website
- www.mercury.co.nz
- Address
- The Mercury Building, Auckland, AU, 1023, NZ
Mercury NZ (MRY) Earnings & Revenues
MRY Company Deck
MRY Earnings Call
Earnings Call SentimentPositive
The call presents a broadly positive operational and financial performance: strong FY '26 EBITDAF (+36%), material generation growth (+15%), disciplined OpEx management, delivery of multiple projects on time and on budget, a strengthened balance sheet (~2.0x net debt/EBITDAF) and an increased dividend (FY '26 +13%). Management provided constructive FY '27 guidance and lifted the FY '30 lower EBITDAF target, while preserving capital discipline. Key risks include hydrology/El Niño uncertainty, some non‑recurring elements in cost savings, timing/FID and transmission constraints for future growth (notably data-center driven demand) and a drilling program whose outcomes will only become clear next year. Overall, highlights significantly outweigh the lowlights, indicating confidence in execution and a positive near- to medium-term outlook.
View all DE:MRY earnings summariesTechnical Analysis
Overall Consensus
| Indicator | Bullish | Neutral | Bearish |
|---|---|---|---|
| Overall Consensus | 10 | 4 | 8 |
| Technical Analysis | 5 | 4 | 1 |
| Moving Averages | 5 | 0 | 7 |