Air New Zealand Ltd

AIZ: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$3.83	Htt	Kgrddjdn

Air New Zealand: Profits Are Sky High, but Good Times Won't Last Forever

Angus Hewitt

Jun 8, 2023

We make no changes to our NZD 0.97 (AUD 0.88) fair value estimate for shares in Air New Zealand following a trading update. The company now expects to report fiscal 2023 profit before tax of no less than NZD 580 million, an upgrade of 8% at the midpoint of prior guidance of NZD 510 million to NZD 560 million. We lift our fiscal 2023 pretax profit forecast by 7% to NZD 582 million as demand continues to outstrip supply. Full planes, high ticket prices, and an easing fuel bill sees Air New Zealand set to exceed pre-COVID-19 profitability.

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