Air New Zealand Ltd

AIR: XNZE (NZL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	NZD 1.70	Vxtl	Tkvhkldmb

Competition Is Weighing on Air New Zealand's Record Profitability

Angus Hewitt

Dec 13, 2023

Business Strategy and Outlook

The COVID-19 pandemic has wreaked 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 have decimated passenger revenue, and despite aggressive cost cuts, operating deleverage lead to significant aftertax losses in fiscal 2022.

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