AIR NEW ZEALAND LIMITED (AIZ)
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AIZ - AIR NEW ZEALAND LIMITED

FNArena Sector : Transportation & Logistics

Year End: June

GICS Industry Group : Transportation

Index: ALL-ORDS

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$1.54 23 Sep 2021	0.020 OPEN $1.52	1.32% HIGH $1.55	2,176,498 LOW $1.51

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$1.54

23 Sep
2021

0.020

OPEN

$1.52

1.32%

HIGH

$1.55

2,176,498

LOW

$1.51

OTHER COMPANIES IN THE SAME SECTOR
AQZ . AZJ . BXB . a2b . KSC . MCS . QAN . QUB . VAH . NTD . LAU . WTC . ERD . SST . CLX . SLH .

FNARENA'S MARKET CONSENSUS FORECASTS

12 Month Avg FX Values

Present FX Values

Original Currency

Title	FY22 Forecast	FY23 Forecast
EPS (cps)	- 58.6	xxx
DPS (cps)	0.0	xxx
EPS Growth	N/A	xxx
DPS Growth	N/A	xxx
PE Ratio	N/A	xxx
Dividend Yield	0.0%	xxx
Div Pay Ratio(%)	N/A	xxx

Title	FY22 Forecast	FY23 Forecast
EPS (cps)	- 60.6	xxx
DPS (cps)	0.0	xxx
EPS Growth	N/A	xxx
DPS Growth	N/A	xxx
PE Ratio	N/A	xxx
Dividend Yield	0.0%	xxx
Div Pay Ratio(%)	N/A	xxx

Title	FY20 Actual	FY21 Actual	FY22 Forecast	FY23 Forecast
EPS (cps)	xxx	N/A	- 62.6	xxx
DPS (cps)	xxx	N/A	0.0	xxx
EPS Growth	xxx	N/A	N/A	xxx
DPS Growth	xxx	N/A	N/A	xxx
Div Pay Ratio(%)	xxx	N/A	N/A	xxx

This company reports in NZD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: N/A

DIVIDEND YIELD CALCULATOR

Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 12/03 - 12.94c (0%)

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2021 FactSet UK Limited. All rights reserved

Title	2016	2017	2018	2019	2020	2021
EPS Basic	xxx	xxx	xxx	xxx	xxx	-24.0
DPS All	xxx	xxx	xxx	xxx	xxx	0.0
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	2,032.6 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	91.6
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	336.0 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	-13.23 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title	2016	2017	2018	2019	2020	2021
Return on Assets	xxx	xxx	xxx	xxx	xxx	-4.05 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	-23.79 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	-16.84 %
Capex	xxx	xxx	xxx	xxx	xxx	215.0 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	10.58 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	121.0 M

Return on Assets

Return on Equity

Return on Total Capital

Capex

Capex % of Sales

Free Cash Flow ex dividends

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Sentiment Indicator

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No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
UBS	xx/xx/xxxx	5	xxxx	-	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Macquarie	27/08/2021	5	Underperform	-	-	While Air New Zealand's FY21 result was in line with guidance, FY22 guidance is now suspended. Macquarie notes losses and cash burn are set to accelerate in FY22 given reduced subsidies, repayments of tax deferrals and higher capital expenditure. The company reported a profit before tax loss of -$440m for FY21, and had previously guided to losses not exceeding -$530m for FY22, and the broker expects things to get worse before a recovery. Air New Zealand has also announced its intention to use the 787 order to replace the 777-3000 fleet, which will result in a -30% long haul capacity reduction. Macquarie expects a new-look network as travel resumes, with an increased focus on domestic, Australia and Pacific, and on premium customers. Macquarie updates earnings per share forecasts by -49% and -34% for FY22 and FY23 respectively. The Underperform rating is retained and the target price increases to NZ$1.20 from NZ$1.10. FORECAST Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of minus -30.08 cents. Macquarie forecasts a full year FY23 dividend of 5.62 cents and EPS of 12.46 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

UBS

xx/xx/xxxx

xxxx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Macquarie

27/08/2021

Underperform

While Air New Zealand's FY21 result was in line with guidance, FY22 guidance is now suspended. Macquarie notes losses and cash burn are set to accelerate in FY22 given reduced subsidies, repayments of tax deferrals and higher capital expenditure.

The company reported a profit before tax loss of -$440m for FY21, and had previously guided to losses not exceeding -$530m for FY22, and the broker expects things to get worse before a recovery.

Air New Zealand has also announced its intention to use the 787 order to replace the 777-3000 fleet, which will result in a -30% long haul capacity reduction. Macquarie expects a new-look network as travel resumes, with an increased focus on domestic, Australia and Pacific, and on premium customers.

Macquarie updates earnings per share forecasts by -49% and -34% for FY22 and FY23 respectively. The Underperform rating is retained and the target price increases to NZ$1.20 from NZ$1.10.

FORECAST
Macquarie forecasts a full year FY22 dividend of 0.00 cents and EPS of minus -30.08 cents.
Macquarie forecasts a full year FY23 dividend of 5.62 cents and EPS of 12.46 cents.

Access Stockbroker Research History >

AIZ STOCK CHART

FNArena News on AIZ

1	FNArena Corporate Results Monitor – 27-08-2021 Aug 27 2021 - Australia

2	Australian Broker Call Extra Edition – Jul 19, 2021 Jul 19 2021 - Daily Market Reports

3	Australian Broker Call Extra Edition – Jun 11, 2021 Jun 11 2021 - Daily Market Reports

4	Australian Broker Call Extra Edition – Apr 15, 2021 Apr 15 2021 - Daily Market Reports

5	Australian Broker Call Extra Edition – Apr 14, 2021 Apr 14 2021 - Daily Market Reports

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Dividend Yield Today On Last Actual Payout :	N/A
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
Tell Me The Dividend After This Many Years

	Yield	Yield on investment
This Year
Year 1
Year 2
Year 3
Year 4
Year

1	FNArena Corporate Results Monitor – 27-08-2021 Aug 27 2021 - Australia

2	Australian Broker Call Extra Edition – Jul 19, 2021 Jul 19 2021 - Daily Market Reports

3	Australian Broker Call Extra Edition – Jun 11, 2021 Jun 11 2021 - Daily Market Reports

4	Australian Broker Call Extra Edition – Apr 15, 2021 Apr 15 2021 - Daily Market Reports

5	Australian Broker Call Extra Edition – Apr 14, 2021 Apr 14 2021 - Daily Market Reports

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AIR NEW ZEALAND LIMITED (AIZ)
Share Price Analysis and Chart