The Departure of Air New Zealand’s CEO Does Not Impact our View or FVE
Air New Zealand’s CEO Christopher Luxon has resigned from his position with the airline. During his seven years at the helm, the company has performed well, generating average returns on invested capital, or ROIC, of almost 11%, marginally above the weighted average cost of capital. This is a solid achievement given volatile fuel prices, the highly competitive environment and capital intensity of the airline industry. We don’t expect no-moat businesses like airlines to sustain excess ROIC. Addit...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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