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Air New Zealand Ltd AIR Stock Quote

Morningstar‘s Stock Analysis AIR

Currency in NZD
Is it the right time to buy or sell?
Is it the right time to buy or sell?

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Economic Moat


Capital Allocation


Clear Skies Ahead for Air New Zealand

Angus Hewitt, CFA Equity Analyst

Analyst Note

| Angus Hewitt, CFA |

We maintain our NZD 0.95 fair value estimate for shares in no-moat Air New Zealand following the release of fiscal 2022 earnings. We lower our fair value estimate for the Australian-listed securities to AUD 0.85 (from AUD 0.88 previously) on changes in the AUD/NZD exchange rate. The airline reported an underlying pretax loss of NZD 725 million (slightly better than our prior NZD 747 million forecast loss), as international border closures and domestic movement restrictions weighed on air travel demand during the period. But with we think the worst is now behind Air New Zealand, and with a strengthened balance sheet following the March 2022 recapitalisation, the airline is in a strong position to participate in the recovery of air travel.

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Key Statistics AIR

Company Profile AIR

Business Description

Air New Zealand, majority owned by the New Zealand Government, provides air passenger and cargo transport services within New Zealand, as well as to and from Australia, the South-West Pacific, Asia, North America, the United Kingdom, and South America. Air New Zealand also encompasses business units providing engineering and ground handling services. Air New Zealand dominates the local market, with around 80% market share, although the majority of revenue is derived from international and trans-Tasman activity.

185 Fanshawe Street, Air New Zealand House
Auckland, NTL, 1010, New Zealand
T +64 93362400
Industry Airlines
Most Recent Earnings
Fiscal Year End Jun 30, 2023
Employees 10,233