The company will continue to dominate the New Zealand domestic market, but returns remain volatile.
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,...
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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