Air New Zealand Ltd

AIZ: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$2.47	Bkv	Kjfsbkdf

Air New Zealand Earnings: Profitability Boosted by Full Planes and Expensive Tickets

Angus Hewitt

Aug 25, 2023

After three long years and about NZD 1.3 billion in underlying pretax losses thanks to travel restrictions, Air New Zealand's fortunes turned in fiscal 2023. Air travel demand returned strongly, while capacity is constrained by the availability of aircraft, labour, and parts. With full planes and expensive tickets, Air New Zealand is enjoying tremendous profitability. Fiscal 2023 underlying profit before tax of NZD 585 million, its second-best on record, was broadly in line with our NZD 582 million forecast and guidance provided in June 2023. We make no changes to our NZD 0.97 (AUD 0.88) per share fair value estimate.

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