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New Zealand (NZX) Utilities Sector Analysis

UpdatedAug 28, 2025
DataAggregated Company Financials
Companies5
  • 7D-2.8%
  • 3M1.2%
  • 1Y-2.3%
  • YTD-1.1%

Over the last 7 days, the Utilities industry has dropped 2.8%, driven by declines in Contact Energy and Mercury NZ of 3.1% and 3.0%, respectively. As for the longer term, the industry's performance has been flat for the past year. Earnings are forecast to grow by 23% annually.

Sector Valuation and Performance

Has the New Zealand Utilities Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 29 Aug 2025NZ$39.0bNZ$16.5bNZ$203.8m27.6x191.3x2.4x
Sun, 27 Jul 2025NZ$39.9bNZ$16.5bNZ$736.2m32.4x54.1x2.4x
Tue, 24 Jun 2025NZ$39.4bNZ$17.0bNZ$735.4m27.8x53.5x2.3x
Thu, 22 May 2025NZ$40.3bNZ$17.0bNZ$735.4m28.4x54.8x2.4x
Sat, 19 Apr 2025NZ$38.4bNZ$17.1bNZ$700.0m27.8x54.9x2.3x
Mon, 17 Mar 2025NZ$37.5bNZ$17.1bNZ$700.0m27.3x53.6x2.2x
Wed, 12 Feb 2025NZ$39.8bNZ$15.9bNZ$1.1b33.9x35.3x2.5x
Fri, 10 Jan 2025NZ$39.8bNZ$15.9bNZ$1.1b34.1x35.3x2.5x
Sun, 08 Dec 2024NZ$39.0bNZ$15.9bNZ$1.1b33.1x34.6x2.5x
Tue, 05 Nov 2024NZ$38.9bNZ$15.8bNZ$1.2b35.5x32.8x2.5x
Thu, 03 Oct 2024NZ$38.7bNZ$15.8bNZ$1.2b36.5x32.6x2.4x
Sat, 31 Aug 2024NZ$39.3bNZ$15.8bNZ$1.2b38.3x33.1x2.5x
Mon, 29 Jul 2024NZ$40.8bNZ$13.6bNZ$580.7m56.8x70.3x3x
Wed, 26 Jun 2024NZ$40.0bNZ$13.6bNZ$580.7m55x68.8x2.9x
Fri, 24 May 2024NZ$39.4bNZ$13.6bNZ$580.7m55.1x67.9x2.9x
Sun, 21 Apr 2024NZ$38.7bNZ$13.6bNZ$669.6m41.3x57.8x2.9x
Tue, 19 Mar 2024NZ$38.3bNZ$13.6bNZ$669.6m42.7x57.2x2.8x
Thu, 15 Feb 2024NZ$38.1bNZ$12.1bNZ$738.8m42.2x51.6x3.2x
Sat, 13 Jan 2024NZ$37.9bNZ$12.1bNZ$738.8m42x51.4x3.1x
Mon, 11 Dec 2023NZ$36.4bNZ$12.1bNZ$738.8m41.4x49.3x3x
Wed, 08 Nov 2023NZ$35.8bNZ$12.1bNZ$723.2m41.7x49.4x3x
Fri, 06 Oct 2023NZ$36.2bNZ$12.1bNZ$723.2m42.5x50.1x3x
Sun, 03 Sep 2023NZ$36.9bNZ$12.1bNZ$723.2m44x51x3.1x
Tue, 01 Aug 2023NZ$48.0bNZ$14.7bNZ$1.7b27.6x29x3.3x
Thu, 29 Jun 2023NZ$46.2bNZ$14.7bNZ$1.7b26.6x27.9x3.1x
Sat, 27 May 2023NZ$44.4bNZ$14.0bNZ$1.4b27.7x30.9x3.2x
Mon, 24 Apr 2023NZ$43.5bNZ$13.8bNZ$1.4b30.2x31.6x3.1x
Wed, 22 Mar 2023NZ$42.0bNZ$13.8bNZ$1.4b29.5x30.6x3x
Fri, 17 Feb 2023NZ$44.4bNZ$13.7bNZ$1.5b29.1x30.1x3.2x
Sun, 15 Jan 2023NZ$42.6bNZ$13.9bNZ$1.6b28.7x26.4x3.1x
Tue, 13 Dec 2022NZ$41.7bNZ$13.9bNZ$1.6b26.8x25.8x3x
Thu, 10 Nov 2022NZ$40.0bNZ$13.6bNZ$1.6b26.1x25.6x2.9x
Sat, 08 Oct 2022NZ$40.5bNZ$13.6bNZ$1.6b21.6x24.7x3x
Mon, 05 Sep 2022NZ$43.7bNZ$13.6bNZ$1.6b23.1x26.7x3.2x
Price to Earnings Ratio

26.7x


Total Market Cap: NZ$43.7bTotal Earnings: NZ$1.6bTotal Revenue: NZ$13.6bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Utilities Sector Price to Earnings3Y Average 43.2x202320242025
Current Industry PE
  • Investors are optimistic on the New Zealander Utilities industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 191x which is higher than its 3-year average PE of 43.0x.
  • The 3-year average PS ratio of 2.8x is higher than the industry's current PS ratio of 2.4x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have declined 50% per year over the last three years.
  • Meanwhile revenues for these companies have grown 6.6% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the New Zealand Utilities sector?

NZ Market-0.75%
Utilities-2.81%
Other Utilities1.35%
Electric Utilities-2.80%
Renewable Energy-4.07%
Industry PE
  • Investors are most optimistic about the Electric Utilities industry which is trading above its 3-year average PE ratio of 35.5x.
    • Analysts are expecting annual earnings growth of 9.1%, which is lower than the prior year's growth of 29.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 45% over the next 5 years.
  • In contrast, the Electric Utilities industry is expected to see its earnings grow by 9.1% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
VCT VectorNZ$4.572.5%
+NZ$110.0m		17.8%PE29.5x
MEL Meridian EnergyNZ$5.610.3%
+NZ$39.2m		-10.4%PS3x

Latest News

VCT
NZ$4.57
Vector
7D
2.5%
1Y
17.8%
MEL
NZ$5.61
Meridian Energy
7D
0.3%
1Y
-10.4%
MCY
NZ$6.50
Mercury NZ
7D
-3.0%
1Y
2.8%
CEN
NZ$8.93
Contact Energy
7D
-3.1%
1Y
6.9%

Contact Energy's (NZSE:CEN) Earnings Are Weaker Than They Seem

Aug 25
Contact Energy's (NZSE:CEN) Earnings Are Weaker Than They Seem
GNE
NZ$2.36
Genesis Energy
7D
-2.3%
1Y
5.4%