Air New Zealand Ltd

AIR: XNZE (NZL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	NZD 8.60	Nlzq	Ftgdshjj

Despite a Troubled Near Term, Air New Zealand Will Fly Again

Angus Hewitt

Dec 6, 2020

Business Strategy and Outlook

The COVID-19 pandemic continues to wreak havoc on the global airline industry. Lockdowns, border restrictions, and social distancing measures have clipped Air New Zealand's wings. Stringent New Zealand entry requirements for international arrivals and a ban on noncitizen, nonpermanent resident arrivals have decimated passenger revenues, and despite aggressive cost cuts, we expect operating deleverage to lead to aftertax losses in 2021.

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