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NT2 [BUY +36.9%] - Another fruitful year given signs of El Nino returning - Update

We reiterate our BUY rating with 36.9% total return including a 9.4% dividend yield. We cut our target price by 4.7% due to a higher market risk premium in our DCF model. Q1 recurring NPAT was in line with our forecast and Q2 earnings will likely be solid due to hot weather.