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New Zealand (NZX) Utilities Sector Analysis

UpdatedFeb 05, 2026
DataAggregated Company Financials
Companies5
  • 7D1.7%
  • 3M-0.5%
  • 1Y3.0%
  • YTD1.5%

Last week, the Utilities industry hasn't moved much but Contact Energy is up 3.0% in that time. Furthermore, the industry has been flat for the past year as well. Earnings are forecast to grow by 21% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 05 Feb 2026NZ$40.6bNZ$16.5bNZ$203.8m30.3x199.2x2.5x
Sat, 03 Jan 2026NZ$40.7bNZ$16.5bNZ$203.8m29.7x199.7x2.5x
Mon, 01 Dec 2025NZ$40.9bNZ$16.5bNZ$203.8m29.9x200.8x2.5x
Wed, 29 Oct 2025NZ$42.1bNZ$16.5bNZ$203.8m30.7x206.7x2.5x
Fri, 26 Sep 2025NZ$40.9bNZ$16.5bNZ$203.8m28.9x200.8x2.5x
Sun, 24 Aug 2025NZ$40.2bNZ$16.6bNZ$789.2m27.2x50.9x2.4x
Tue, 22 Jul 2025NZ$39.9bNZ$16.5bNZ$736.2m32.4x54.1x2.4x
Thu, 19 Jun 2025NZ$39.3bNZ$17.0bNZ$735.4m28x53.4x2.3x
Sat, 17 May 2025NZ$39.5bNZ$17.1bNZ$700.0m28.2x56.5x2.3x
Mon, 14 Apr 2025NZ$38.6bNZ$17.1bNZ$700.0m27.8x55.2x2.3x
Wed, 12 Mar 2025NZ$37.8bNZ$17.1bNZ$700.0m27.8x54x2.2x
Fri, 07 Feb 2025NZ$39.8bNZ$15.9bNZ$1.1b33.5x35.3x2.5x
Sun, 05 Jan 2025NZ$39.3bNZ$15.9bNZ$1.1b34.3x34.9x2.5x
Tue, 03 Dec 2024NZ$40.7bNZ$15.9bNZ$1.1b35.1x36.1x2.6x
Thu, 31 Oct 2024NZ$39.5bNZ$15.8bNZ$1.2b36.2x33.3x2.5x
Sat, 28 Sep 2024NZ$38.4bNZ$15.8bNZ$1.2b36.3x32.4x2.4x
Mon, 26 Aug 2024NZ$39.5bNZ$14.9bNZ$823.1m42.1x47.9x2.7x
Wed, 24 Jul 2024NZ$40.7bNZ$13.6bNZ$580.7m55.7x70.2x3x
Fri, 21 Jun 2024NZ$39.9bNZ$13.6bNZ$580.7m55.2x68.6x2.9x
Sun, 19 May 2024NZ$39.2bNZ$13.6bNZ$669.6m40.1x58.6x2.9x
Tue, 16 Apr 2024NZ$38.6bNZ$13.6bNZ$669.6m41.5x57.6x2.8x
Thu, 14 Mar 2024NZ$38.5bNZ$13.6bNZ$669.6m42.2x57.5x2.8x
Sat, 10 Feb 2024NZ$38.5bNZ$12.1bNZ$738.8m42.5x52.1x3.2x
Mon, 08 Jan 2024NZ$37.9bNZ$12.1bNZ$738.8m41.8x51.2x3.1x
Wed, 06 Dec 2023NZ$35.8bNZ$12.1bNZ$738.8m40.4x48.5x3x
Fri, 03 Nov 2023NZ$35.1bNZ$12.1bNZ$723.2m41.3x48.5x2.9x
Sun, 01 Oct 2023NZ$36.1bNZ$12.1bNZ$723.2m42.7x49.9x3x
Tue, 29 Aug 2023NZ$37.1bNZ$12.4bNZ$1.1b27.3x32.5x3x
Thu, 27 Jul 2023NZ$47.3bNZ$14.7bNZ$1.7b27.1x28.5x3.2x
Sat, 24 Jun 2023NZ$46.4bNZ$14.7bNZ$1.7b26.3x28x3.2x
Mon, 22 May 2023NZ$44.9bNZ$14.0bNZ$1.4b28.1x31.3x3.2x
Wed, 19 Apr 2023NZ$43.4bNZ$13.8bNZ$1.4b29.8x31.6x3.1x
Fri, 17 Mar 2023NZ$42.7bNZ$13.8bNZ$1.4b29.7x31.1x3.1x
Sun, 12 Feb 2023NZ$44.3bNZ$13.9bNZ$1.6b29x27.4x3.2x
Price to Earnings Ratio

27.4x


Total Market Cap: NZ$44.3bTotal Earnings: NZ$1.6bTotal Revenue: NZ$13.9bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Utilities Sector Price to Earnings3Y Average 68.8x202420252026
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 201x which is higher than its 3-year average PE of 68.8x.
  • 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 50% per year over the last three years.
  • Meanwhile revenues for these companies have grown 6.0% 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 Market0.23%
Utilities1.71%
Electric Utilities2.29%
Other Utilities1.23%
Renewable Energy1.06%
Industry PE
  • Investors are most optimistic about the Electric Utilities industry which is trading above its 3-year average PE ratio of 38.1x.
    • Analysts are expecting annual earnings growth of 10.0%, 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 39% over the next 5 years.
  • In contrast, the Electric Utilities industry is expected to see its earnings grow by 10.0% 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
CEN Contact EnergyNZ$9.653.9%
+NZ$358.0m		3.9%PE29x
VCT VectorNZ$5.003.7%
+NZ$180.0m		28.2%PE32.3x
MCY Mercury NZNZ$6.471.7%
+NZ$155.9m		1.1%PE9170.5x
MEL Meridian EnergyNZ$5.710.4%
+NZ$52.8m		-2.3%PS3.1x
GNE Genesis EnergyNZ$2.461.7%
+NZ$44.4m		7.7%PE16.1x

Latest News

GNE
NZ$2.46
Genesis Energy
7D
1.7%
1Y
7.7%
CEN
NZ$9.65
Contact Energy
7D
3.9%
1Y
3.9%

CEN: Higher Fair Value And Margin Outlook Will Support Future Upside

Analysts have revised their price target on Contact Energy slightly higher to $10.40 from $10.31. This reflects updated assumptions around discount rates, revenue expectations, profit margins and a lower future P/E of 24.92x.
VCT
NZ$5.00
Vector
7D
3.7%
1Y
28.2%
MEL
NZ$5.71
Meridian Energy
7D
0.4%
1Y
-2.3%

Meridian Energy Limited (NZSE:MEL) Shares Could Be 40% Below Their Intrinsic Value Estimate

Jan 12
Meridian Energy Limited (NZSE:MEL) Shares Could Be 40% Below Their Intrinsic Value Estimate
MCY
NZ$6.47
Mercury NZ
7D
1.7%
1Y
1.1%