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New Zealand (NZX) Utilities Sector Analysis

UpdatedMar 28, 2026
DataAggregated Company Financials
Companies5
  • 7D-0.6%
  • 3M-2.3%
  • 1Y4.0%
  • YTD-2.8%

Over the last 7 days, the Utilities industry has remained flat. The past year has been better, since the industry has gained 5.4% in that time. As for the next few years, earnings are expected to grow by 17% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 28 Mar 2026NZ$40.8bNZ$15.9bNZ$720.5m28.2x56.6x2.6x
Mon, 23 Feb 2026NZ$40.7bNZ$16.5bNZ$260.7m28.5x156.2x2.5x
Wed, 21 Jan 2026NZ$40.7bNZ$16.5bNZ$203.8m29.5x199.6x2.5x
Fri, 19 Dec 2025NZ$39.8bNZ$16.5bNZ$203.8m29.2x195.5x2.4x
Sun, 16 Nov 2025NZ$41.8bNZ$16.5bNZ$203.8m30.2x205.2x2.5x
Tue, 14 Oct 2025NZ$41.7bNZ$16.5bNZ$203.8m29.4x204.6x2.5x
Thu, 11 Sep 2025NZ$41.3bNZ$16.5bNZ$203.8m29.1x202.5x2.5x
Sat, 09 Aug 2025NZ$39.4bNZ$16.5bNZ$730.2m40.3x54x2.4x
Mon, 07 Jul 2025NZ$40.2bNZ$17.0bNZ$735.4m28.5x54.6x2.4x
Wed, 04 Jun 2025NZ$38.6bNZ$17.0bNZ$735.4m27.9x52.4x2.3x
Fri, 02 May 2025NZ$38.3bNZ$17.1bNZ$700.0m27.9x54.7x2.2x
Sun, 30 Mar 2025NZ$37.7bNZ$17.1bNZ$700.0m27.1x53.8x2.2x
Tue, 25 Feb 2025NZ$39.0bNZ$16.7bNZ$1.1b33.5x34x2.3x
Thu, 23 Jan 2025NZ$39.5bNZ$15.9bNZ$1.1b33.9x35.1x2.5x
Sat, 21 Dec 2024NZ$38.2bNZ$15.9bNZ$1.1b32.8x33.9x2.4x
Mon, 18 Nov 2024NZ$39.2bNZ$15.9bNZ$1.1b33.9x34.8x2.5x
Wed, 16 Oct 2024NZ$39.4bNZ$15.8bNZ$1.2b35.5x33.2x2.5x
Fri, 13 Sep 2024NZ$39.4bNZ$15.8bNZ$1.2b37.6x33.3x2.5x
Sun, 11 Aug 2024NZ$39.3bNZ$13.6bNZ$580.7m53.9x67.6x2.9x
Tue, 09 Jul 2024NZ$40.4bNZ$13.6bNZ$580.7m54.5x69.6x3x
Thu, 06 Jun 2024NZ$40.9bNZ$13.6bNZ$580.7m56.7x70.4x3x
Sat, 04 May 2024NZ$39.2bNZ$13.6bNZ$669.6m40.7x58.5x2.9x
Mon, 01 Apr 2024NZ$39.8bNZ$13.6bNZ$669.6m43x59.4x2.9x
Wed, 28 Feb 2024NZ$38.8bNZ$12.9bNZ$684.6m43x56.7x3x
Fri, 26 Jan 2024NZ$38.0bNZ$12.1bNZ$738.8m42.2x51.4x3.1x
Sun, 24 Dec 2023NZ$37.3bNZ$12.1bNZ$738.8m41.7x50.5x3.1x
Tue, 21 Nov 2023NZ$35.3bNZ$12.1bNZ$738.8m40.3x47.8x2.9x
Thu, 19 Oct 2023NZ$35.7bNZ$12.1bNZ$723.2m42x49.3x3x
Sat, 16 Sep 2023NZ$36.3bNZ$12.1bNZ$723.2m42.6x50.2x3x
Mon, 14 Aug 2023NZ$39.2bNZ$12.9bNZ$1.3b27.9x29.2x3.1x
Wed, 12 Jul 2023NZ$47.4bNZ$14.7bNZ$1.7b27.4x28.6x3.2x
Fri, 09 Jun 2023NZ$44.6bNZ$14.7bNZ$1.7b25.2x26.9x3x
Sun, 07 May 2023NZ$44.1bNZ$13.8bNZ$1.4b30.5x32.1x3.2x
Tue, 04 Apr 2023NZ$43.0bNZ$13.8bNZ$1.4b30x31.2x3.1x
Price to Earnings Ratio

31.2x


Total Market Cap: NZ$43.0bTotal Earnings: NZ$1.4bTotal Revenue: NZ$13.8bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Utilities Sector Price to Earnings3Y Average 72.4x202420252026
Current Industry PE
  • Investors are pessimistic on the New Zealander Utilities industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 56.9x which is lower than its 3-year average PE of 72.4x.
  • The industry is trading close to its 3-year average PS ratio of 2.7x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have declined 19% per year over the last three years.
  • Meanwhile revenues for these companies have grown 4.7% 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-0.48%
Utilities-0.56%
Other Utilities1.71%
Renewable Energy-0.55%
Electric Utilities-1.06%
Industry PE
  • Investors are most optimistic about the Electric Utilities industry even though it's trading below its 3-year average PE ratio of 38.2x.
    • Analysts are expecting annual earnings growth of 7.5%, which is lower than the prior year's growth of 75.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 31% over the next 5 years.
  • In contrast, the Electric Utilities industry is expected to see its earnings grow by 7.5% 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
GNE Genesis EnergyNZ$2.16-2.7%
NZ$260.7m		0%PE14.6x
CEN Contact EnergyNZ$9.090.3%
+NZ$81.8m		1.1%PE24.6x
VCT VectorNZ$4.761.7%
+NZ$80.0m		21.7%PE31.8x

Latest News

GNE
NZ$2.16
Genesis Energy
7D
-2.7%
1Y
0%

GNE: Recent Equity Raises Will Support Future Upside Potential

Analysts have nudged their Genesis Energy price target to NZ$2.63, reflecting updated assumptions around slightly softer revenue growth, a marginally higher profit margin and a steady forward P/E multiple. What's in the News The company completed a rights offering follow-on equity raise of NZ$299.952718 million, issuing 146,318,399 ordinary shares at NZ$2.05 per share with a NZ$0.17 discount per security (Key Developments).
CEN
NZ$9.09
Contact Energy
7D
0.3%
1Y
1.1%

CEN: Recent Equity Raises Will Support Future Margin Upside

Analysts have kept their NZ$ price target on Contact Energy unchanged, reflecting consistent assumptions for fair value, discount rate, revenue growth, profit margin and future P/E. What's in the News Completed a follow on equity offering of NZ$125 million, issuing 14,285,714 ordinary shares at NZ$8.75 per share under Regulation S (Key Developments).
VCT
NZ$4.76
Vector
7D
1.7%
1Y
21.7%

VCT: Future Fair Value View Will Reflect Stable Network Volumes

Analysts have kept their NZ$ fair value estimate for Vector unchanged, reflecting consistent assumptions for discount rate, revenue growth, profit margin and future P/E that support a steady price target outlook. What's in the News Vector reported unaudited operating results for the six months ended 31 December 2025, providing investors with updated data on its electricity and gas distribution activities (company announcement).
MCY
NZ$6.38
Mercury NZ
7D
-2.0%
1Y
14.6%

MCY: Slightly Lower Fair Value Will Be Balanced By Upcoming Distribution

Analysts have slightly reduced their 12 month price target for Mercury NZ, with their estimate of fair value moving from NZ$7.02 to NZ$6.99. This revision reflects updated assumptions around revenue growth, profit margins and a modestly higher future P/E multiple.
MEL
NZ$5.46
Meridian Energy
7D
-0.5%
1Y
-3.7%