Financials Air New Zealand Limited

Equities

AIR

NZAIRE0001S2

Airlines

End-of-day quote New Zealand S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
0.545 NZD -1.80% Intraday chart for Air New Zealand Limited -4.39% -14.17%

Valuation

Fiscal Period: Juni 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,976 1,486 1,740 1,920 2,627 1,836 - -
Enterprise Value (EV) 1 4,518 4,749 4,782 3,495 3,735 3,311 3,784 4,504
P/E ratio 11.1 x -3.27 x -6.03 x -1.4 x 6.39 x 12 x 14.3 x 8.85 x
Yield 8.3% - - - 7.69% 5.89% 4.44% 7.47%
Capitalization / Revenue 0.51 x 0.31 x 0.69 x 0.7 x 0.42 x 0.28 x 0.28 x 0.27 x
EV / Revenue 0.78 x 0.98 x 1.9 x 1.28 x 0.59 x 0.5 x 0.58 x 0.66 x
EV / EBITDA 4.83 x 6.06 x 14.1 x -874 x 2.9 x 3.54 x 3.75 x 3.67 x
EV / FCF 27.4 x -14.9 x 52 x 15.7 x 3.99 x -6.42 x -9 x -7.39 x
FCF Yield 3.65% -6.7% 1.92% 6.38% 25.1% -15.6% -11.1% -13.5%
Price to Book 1.42 x 1.12 x 1.58 x 1.14 x 1.26 x 0.94 x 0.91 x 0.88 x
Nbr of stocks (in thousands) 1,123,191 1,125,439 1,122,810 3,368,446 3,368,430 3,368,464 - -
Reference price 2 2.650 1.320 1.550 0.5700 0.7800 0.5450 0.5450 0.5450
Announcement Date 8/21/19 8/26/20 8/25/21 8/24/22 8/23/23 - - -
1NZD in Million2NZD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Juni 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 5,785 4,836 2,517 2,734 6,330 6,628 6,581 6,869
EBITDA 1 935 784 339 -4 1,286 935.6 1,008 1,226
EBIT 1 368 -57 -377 -672 591 173 177.5 348.1
Operating Margin 6.36% -1.18% -14.98% -24.58% 9.34% 2.61% 2.7% 5.07%
Earnings before Tax (EBT) 1 368 -628 -411 -810 574 217.6 184 292.4
Net income 1 270 -454 -289 -591 412 156.6 121.7 199.2
Net margin 4.67% -9.39% -11.48% -21.62% 6.51% 2.36% 1.85% 2.9%
EPS 2 0.2390 -0.4040 -0.2570 -0.4080 0.1220 0.0455 0.0380 0.0616
Free Cash Flow 1 165 -318 92 223 937 -516 -420.4 -609.2
FCF margin 2.85% -6.58% 3.66% 8.16% 14.8% -7.79% -6.39% -8.87%
FCF Conversion (EBITDA) 17.65% - 27.14% - 72.86% - - -
FCF Conversion (Net income) 61.11% - - - 227.43% - - -
Dividend per Share 2 0.2200 - - - 0.0600 0.0321 0.0242 0.0407
Announcement Date 8/21/19 8/26/20 8/25/21 8/24/22 8/23/23 - - -
1NZD in Million2NZD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June 2020 S1 2020 S2 2021 S1 2024 S1
Net sales 1 3,015 1,821 1,234 3,474
EBITDA 1 - - - 548
EBIT - - - -
Operating Margin - - - -
Earnings before Tax (EBT) - - - -
Net income 1 - - - 129
Net margin - - - 3.71%
EPS - - - -
Dividend per Share 2 - - - 0.0200
Announcement Date 2/26/20 8/26/20 2/24/21 2/22/24
1NZD in Million2NZD
Estimates

Balance Sheet Analysis

Fiscal Period: June 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,542 3,263 3,042 1,575 1,108 1,475 1,949 2,668
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.649 x 4.162 x 8.973 x -393.8 x 0.8616 x 1.576 x 1.933 x 2.176 x
Free Cash Flow 1 165 -318 92 223 937 -516 -420 -609
ROE (net income / shareholders' equity) 12.7% -27.4% -23.9% -42.6% 22.4% 6.88% 6.44% 10.3%
ROA (Net income/ Total Assets) 3.46% -5.99% -4.06% -7.86% 4.79% 2.03% 1.85% 2.94%
Assets 1 7,801 7,582 7,119 7,517 8,608 7,729 6,575 6,787
Book Value Per Share 2 1.860 1.170 0.9800 0.5000 0.6200 0.5800 0.6000 0.6200
Cash Flow per Share 2 0.7200 0.6400 0.3200 0.1600 0.3300 0.2700 0.2800 0.3300
Capex 1 821 615 231 327 602 720 881 1,314
Capex / Sales 14.19% 12.72% 9.18% 11.96% 9.51% 10.87% 13.39% 19.13%
Announcement Date 8/21/19 8/26/20 8/25/21 8/24/22 8/23/23 - - -
1NZD in Million2NZD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
5
Last Close Price
0.545 NZD
Average target price
0.634 NZD
Spread / Average Target
+16.33%
Consensus

Quarterly revenue - Rate of surprise

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