Despite Leading the Domestic Market Air New Zealand Does not Warrant a Narrow Moat Rating
Our NZD 2.60 (AUD 2.40) per share fair value estimate for Air New Zealand is unchanged following a review of the company's competitive position. Despite its dominant position in New Zealand's domestic market, we continue to believe the company has not carved out a sustainable competitive advantage, and does not warrant a moat rating. In our opinion, all airlines lack moats for the following reasons: a long history of value destruction, a lack of entry barriers, the commoditisation of air travel,...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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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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