Transfer of Analyst Coverage; Fair Value Estimates and Forecasts Unchanged
We are transferring coverage of Air New Zealand. At this stage, we reaffirm our current forecasts, our DCF-based fair value estimate of NZD 2.60 per share, and our no-moat and high uncertainty ratings. Our no-moat and high uncertainty ratings reflect the volatile and highly competitive nature of the airline industry.At the recent fiscal 2016 result, Air New Zealand reported net profit after tax of NZD 463 million, up 42% on fiscal 2015, and underlying net profit before tax of NZD 806 million, v...
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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