AIR NEW ZEALAND LIMITED (AIZ)
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AIZ - AIR NEW ZEALAND LIMITED

FNArena Sector : Transportation & Logistics

Year End: June

GICS Industry Group : Transportation

Debt/EBITDA: 2.94

Index: ALL-ORDS

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$0.53 24 Apr 2025	0.000 OPEN $0.54	0.000 HIGH $0.54	242,967 LOW $0.53

OTHER COMPANIES IN THE SAME SECTOR
ACE . AQZ . AVD . AZJ . BXB . CLX . ERD . KLS . KSC . LAU . NTD . QAN . QUB . SLH . SPZ . SST . THL . WTC . Z2U .

FNARENA'S MARKET CONSENSUS FORECASTS

12 Month Avg FX Values

Present FX Values

Original Currency

Title	FY25 Forecast	FY26 Forecast
EPS (cps)	4.1	xxx
DPS (cps)	2.3	xxx
EPS Growth	N/A	xxx
DPS Growth	N/A	xxx
PE Ratio	12.8	xxx
Dividend Yield	4.3%	xxx
Div Pay Ratio(%)	54.9%	xxx

Title	FY25 Forecast	FY26 Forecast
EPS (cps)	4.2	xxx
DPS (cps)	2.3	xxx
EPS Growth	N/A	xxx
DPS Growth	N/A	xxx
PE Ratio	12.5	xxx
Dividend Yield	4.4%	xxx
Div Pay Ratio(%)	55.0%	xxx

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	4.3	4.5	xxx
DPS (cps)	xxx	3.5	2.5	xxx
EPS Growth	xxx	- 64.8%	5.8%	xxx
DPS Growth	xxx	- 41.7%	- 28.6%	xxx
Div Pay Ratio(%)	xxx	81.4%	55.0%	xxx

This company reports in NZD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 3.98%

DIVIDEND YIELD CALCULATOR

Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 07/03 - ex-div 1.6c (franking 0%)

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2025 FactSet UK Limited. All rights reserved

Title	2019	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	xxx	4.0
DPS All	xxx	xxx	xxx	xxx	xxx	3.2
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	6,246.2 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	54.4
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	760.4 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	2.16 %

EPS Basic

Negative
Growth
Slowing

DPS All

Negative
Growth
Slowing

Sales/Revenue

Negative
Growth
Slowing

Book Value Per Share

Negative
Growth
Slowing

Net Operating Cash Flow

Negative
Growth
Slowing

Net Profit Margin

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	7.21 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	3.20 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	1.66 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	7.21 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	4.49 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	-226.6 M

Return on Capital Employed

Negative
Growth
Slowing

Return on Invested Capital

Negative
Growth
Slowing

Return on Assets

Negative
Growth
Slowing

Return on Equity

Negative
Growth
Slowing

Return on Total Capital

Negative
Growth
Slowing

Free Cash Flow ex dividends

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	445 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	2,124 M
Total Debt	xxx	xxx	xxx	xxx	xxx	2,569 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	1,167 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	0.89

Short-Term Debt

Negative
Growth
Slowing

Long Term Debt

Negative
Growth
Slowing

Total Debt

Negative
Growth
Slowing

Goodwill - Gross

Cash & Equivalents - Generic

Negative
Growth
Slowing

Price To Book Value

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	xxx	731.7 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	11.72 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	5,304 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	732 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	685 M

Capex

Negative
Growth
Slowing

Capex % of Sales

Negative
Growth
Slowing

Cost of Goods Sold

Negative
Growth
Slowing

Selling, General & Admin. Exp & Other

Negative
Growth
Slowing

Research & Development

Investments - Total

Negative
Growth
Slowing

Negative

Growth

Slowing

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

Display All Commentary

Sentiment Indicator

0.5

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
UBS	xx/xx/xxxx	3	xxxxxxx	-	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Macquarie	14/04/2025	1	Outperform	-	-	Macquarie notes the already challenging backdrop faced by Air New Zealand could worsen from trade war uncertainties hitting consumer confidence and weighing on its business. The broker believes the first impact would be seen in cargo along with inbound tourism from US travellers, especially given the peak season is arriving soon. Decline in fuel prices is a benefit and offers hedging opportunities but further NZD weakness could become a headwind for import costs. The broker left FY25 EPS forecast unchanged but lowered FY26 estimate by -17%. Outperform. Target cut to NZ83c from NZ85c. FORECAST Macquarie forecasts a full year FY25 dividend of 2.73 cents and EPS of 4.65 cents. Macquarie forecasts a full year FY26 dividend of 3.92 cents and EPS of 6.29 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

UBS

xx/xx/xxxx

xxxxxxx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Macquarie

14/04/2025

Outperform

Macquarie notes the already challenging backdrop faced by Air New Zealand could worsen from trade war uncertainties hitting consumer confidence and weighing on its business.

The broker believes the first impact would be seen in cargo along with inbound tourism from US travellers, especially given the peak season is arriving soon.

Decline in fuel prices is a benefit and offers hedging opportunities but further NZD weakness could become a headwind for import costs.

The broker left FY25 EPS forecast unchanged but lowered FY26 estimate by -17%.

Outperform. Target cut to NZ83c from NZ85c.

FORECAST
Macquarie forecasts a full year FY25 dividend of 2.73 cents and EPS of 4.65 cents.
Macquarie forecasts a full year FY26 dividend of 3.92 cents and EPS of 6.29 cents.

Access Stockbroker Research History >

EXTRA COVERAGE

Display All Commentary

No. Of Recommendations

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Jarden	03/03/2025	3	Neutral	-	-	Jarden notes Air New Zealand's 1H25 result was soft, with underlying net profit of NZ$48m, well below the company's November guidance of NZ$60-100m. Revenue was affected by ongoing engine issues and the broker expects it to continue for the next three years, along with fleet refurbishments. The airline received NZ$94m compensation from engine manufacturers, including for prior periods, and while there may be scope for further compensation, management didn't provide any guidance. No earnings guidance was provided for 2H either. The broker incorporated guidance for a smaller effective fleet, and the NZ$100m share buyback announcement. Target price cut to NZ59c from NZ61c, Neutral retained. FORECAST Jarden forecasts a full year FY25 dividend of 1.64 cents and EPS of minus -0.09 cents. Jarden forecasts a full year FY26 dividend of 1.55 cents and EPS of 2.55 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Jarden

03/03/2025

Neutral

Jarden notes Air New Zealand's 1H25 result was soft, with underlying net profit of NZ$48m, well below the company's November guidance of NZ$60-100m.

Revenue was affected by ongoing engine issues and the broker expects it to continue for the next three years, along with fleet refurbishments.

The airline received NZ$94m compensation from engine manufacturers, including for prior periods, and while there may be scope for further compensation, management didn't provide any guidance. No earnings guidance was provided for 2H either.

The broker incorporated guidance for a smaller effective fleet, and the NZ$100m share buyback announcement.

Target price cut to NZ59c from NZ61c, Neutral retained.

FORECAST
Jarden forecasts a full year FY25 dividend of 1.64 cents and EPS of minus -0.09 cents.
Jarden forecasts a full year FY26 dividend of 1.55 cents and EPS of 2.55 cents.

Access Extra Coverage Research History >

AIZ STOCK CHART

FNArena News on AIZ

1	Australian Broker Call Extra Edition – Mar 03, 2025 Mar 03 2025 - Daily Market Reports

2	FNArena Corporate Results Monitor – 22-02-2025 Feb 22 2025 - Australia

3	ESG Focus: Challenges & Hurdles Await In 2025 Jan 22 2025 - ESG Focus

4	Australian Broker Call Extra Edition – Dec 05, 2024 Dec 05 2024 - Daily Market Reports

5	Australian Broker Call Extra Edition – Sep 11, 2024 Sep 11 2024 - Daily Market Reports

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Dividend Yield Today On Last Actual Payout :	6.16
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
Tell Me The Dividend After This Many Years

	Yield	Yield on investment
This Year
Year 1
Year 2
Year 3
Year 4
Year

1	Australian Broker Call Extra Edition – Mar 03, 2025 Mar 03 2025 - Daily Market Reports

2	FNArena Corporate Results Monitor – 22-02-2025 Feb 22 2025 - Australia

3	ESG Focus: Challenges & Hurdles Await In 2025 Jan 22 2025 - ESG Focus

4	Australian Broker Call Extra Edition – Dec 05, 2024 Dec 05 2024 - Daily Market Reports

5	Australian Broker Call Extra Edition – Sep 11, 2024 Sep 11 2024 - Daily Market Reports

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AIR NEW ZEALAND LIMITED (AIZ)
Share Price Analysis and Chart