Intense Competition Weighs on Air New Zealand's Interim Result; FVE Maintained
We reiterate out NZD 2.60 (AUD 2.40 at the 1.07 AUD/NZD exchange rate) per share fair value estimate for no-moat-rated Air New Zealand following an interim fiscal 2017 result that was marginally below expectations. While revenue fell around 4% over the previous corresponding period, net profit after tax dropped 24% to NZD 256 million, reflecting a challenging competitive landscape and excess market capacity. The board declared an interim DPS of NZD 0.10, (fully imputed for New Zealand residents)...Air New Zealand is engaged in the transportation of passengers and cargo on an integrated network of scheduled airline services to, from and within New Zealand. Through its subsidiaries, Co. is also engaged in aviation, aircraft leasing and financing, investments, and engineering services. Co.'s geographical segments are New Zealand, Australia and Pacific Islands, United Kingdom and Europe, Asia, and America.
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