Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Director Philip Cory-Wright was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annuncio • Feb 20
Meridian Energy Limited (NZSE:MEL) entered into a Scheme Implementation Agreement to acquire remaining 80.01% stake in NZ Windfarms Limited (NZSE:NWF) from Salt Funds Management Limited and Robert Stone for NZD 72.7 million. Meridian Energy Limited (NZSE:MEL) entered into a Scheme Implementation Agreement to acquire remaining 80.01% stake in NZ Windfarms Limited (NZSE:NWF) from Salt Funds Management Limited and Robert Stone for NZD 72.7 million on February 19, 2025. A cash consideration valued at NZD 0.25 per share will be paid by Meridian Energy Limited. Upon completion, Meridian Energy Limited will own 100% stake in NZ Windfarms Limited.
The transaction is subject to approval of merger agreement by target board, approval of offer by target shareholders and subject to court approval. The deal has been unanimously approved by the board.
Russell McVeagh acted as legal advisor for Meridian Energy Limited. Clare Capital Limited acted as financial advisor for Meridian Energy Limited. New Risk • Feb 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of New Zealander stocks, typically moving 25% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (25% average weekly change). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NZ$44.0m market cap, or US$25.2m). New Risk • Nov 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (7.2% increase in shares outstanding). Market cap is less than US$100m (NZ$45.1m market cap, or US$26.6m). Annuncio • Sep 23
NZ Windfarms Limited, Annual General Meeting, Nov 07, 2024 NZ Windfarms Limited, Annual General Meeting, Nov 07, 2024. Location: distinction hotel (carlton room), 175 cuba street, and, palmerston north 4410 New Zealand Reported Earnings • Aug 30
Full year 2024 earnings released: EPS: NZ$0 (vs NZ$0.018 loss in FY 2023) Full year 2024 results: EPS: NZ$0 (improved from NZ$0.018 loss in FY 2023). Revenue: NZ$15.5m (up 110% from FY 2023). Net income: NZ$146.3k (up NZ$5.45m from FY 2023). Profit margin: 0.9% (up from net loss in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. New Risk • Oct 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of New Zealander stocks, typically moving 9.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.3% average weekly change). Minor Risks Shareholders have been diluted in the past year (15% increase in shares outstanding). Revenue is less than US$5m (NZ$7.4m revenue, or US$4.3m). Market cap is less than US$100m (NZ$50.7m market cap, or US$29.4m). Annuncio • Sep 14
NZ Windfarms Limited, Annual General Meeting, Oct 26, 2023 NZ Windfarms Limited, Annual General Meeting, Oct 26, 2023, at 14:00 NZST - New Zealand Standard. Reported Earnings • Aug 30
Full year 2023 earnings released: NZ$0.018 loss per share (vs NZ$0.018 profit in FY 2022) Full year 2023 results: NZ$0.018 loss per share (down from NZ$0.018 profit in FY 2022). Revenue: NZ$11.6m (up 6.1% from FY 2022). Net loss: NZ$5.30m (down 203% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Buying Opportunity • Feb 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be NZ$0.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.2% over the last 3 years. Earnings per share has grown by 62%. Buying Opportunity • Jan 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be NZ$0.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.2% over the last 3 years. Earnings per share has grown by 62%. Buying Opportunity • Dec 05
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be NZ$0.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.2% over the last 3 years. Earnings per share has grown by 62%. Buying Opportunity • Sep 09
Now 23% undervalued Over the last 90 days, the stock is up 6.3%. The fair value is estimated to be NZ$0.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.2% over the last 3 years. Earnings per share has grown by 62%. Annuncio • Sep 01
NZ Windfarms Limited, Annual General Meeting, Sep 27, 2022 NZ Windfarms Limited, Annual General Meeting, Sep 27, 2022, at 11:00 NZST - New Zealand Standard. Location: Link Market Services Limited (Level 30), PwC Tower, 15 Customs Street West Auckland New Zealand Agenda: To consider the remuneration of auditors; to consider the election of Craig Stobo; to consider the election of Philip Cory-Wright; to consider the re-election of Patrick Brockie; to consider the remuneration of Directors; and to consider any other matter raised by a shareholder at the meeting. Reported Earnings • Aug 30
Full year 2022 earnings released: EPS: NZ$0.018 (vs NZ$0.001 in FY 2021) Full year 2022 results: EPS: NZ$0.018 (up from NZ$0.001 in FY 2021). Revenue: NZ$12.5m (down 20% from FY 2021). Net income: NZ$5.17m (up NZ$4.86m from FY 2021). Profit margin: 41% (up from 2.0% in FY 2021). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Annuncio • Aug 29
NZ Windfarms Limited Approves Final Dividend for the Year Ended 30 June 2022, Payable on 22 September 2022 On 26 August 2022, the board of directors of NZ Windfarms Limited approved an unimputed final dividend for the year ended 30 June 2022 of 0.25 cents per share to be paid on 22 September 2022. Record date is 9 September 2022. Ex-date is 8 September 2022. Board Change • Jun 01
High number of new directors Independent Director Philip Cory-Wright was the last director to join the board, commencing their role in 2022. Board Change • May 02
High number of new directors Independent Director Philip Cory-Wright was the last director to join the board, commencing their role in 2022. Board Change • Apr 01
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Director Patrick Brockie is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 01
Full year 2021 earnings released: EPS NZ$0.001 (vs NZ$0.006 in FY 2020) The company reported a mediocre full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: NZ$15.6m (up 54% from FY 2020). Net income: NZ$311.7k (down 82% from FY 2020). Profit margin: 2.0% (down from 17% in FY 2020). Over the last 3 years on average, earnings per share has increased by 122% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 02
New 90-day high: NZ$0.21 The company is up 54% from its price of NZ$0.14 on 04 November 2020. The New Zealander market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 33% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: NZ$0.20 The company is up 56% from its price of NZ$0.13 on 09 October 2020. The New Zealander market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 55% over the same period. Recent Insider Transactions • Oct 24
Director recently sold NZ$758k worth of stock On the 20th of October, Phil Lennon sold around 6m shares on-market at roughly NZ$0.13 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of NZ$2.1m more than they bought in the last 12 months. Recent Insider Transactions • Oct 13
Director recently sold NZ$183k worth of stock On the 9th of October, Phil Lennon sold around 1m shares on-market at roughly NZ$0.13 per share. In the last 3 months, they made an even bigger sale worth NZ$384k. Insiders have been net sellers, collectively disposing of NZ$1.3m more than they bought in the last 12 months. Recent Insider Transactions • Oct 06
Director recently sold NZ$384k worth of stock On the 2nd of October, Phil Lennon sold around 3m shares on-market at roughly NZ$0.14 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of NZ$1.1m more than they bought in the last 12 months. Recent Insider Transactions • Oct 01
Director recently sold NZ$361k worth of stock On the 25th of September, Phil Lennon sold around 3m shares on-market at roughly NZ$0.13 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of NZ$725k more than they bought in the last 12 months. Recent Insider Transactions • Sep 22
Director recently sold NZ$128k worth of stock On the 18th of September, Phil Lennon sold around 948k shares on-market at roughly NZ$0.13 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought NZ$142k more than they sold in the last 12 months.