The company will continue to dominate the New Zealand domestic market, but returns remain volatile.
No-moat-rated Air New Zealand reported fiscal 2017 underlying net profit after tax of NZD 380 million, down over 30% on the prior year, albeit broadly in line with our estimates. The impact of muted revenue was exasperated by the high level of operating leverage, resulting in EBIT margins falling to 11% from 16% in the prior year. Our NZD 2.60 (AUD 2.40) per share fair value estimate is unchanged, and the shares are currently overvalued relative to our intrinsic assessment. The board declared a ...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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