New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Air New Zealand (AIR) has lifted its FY23 profit before tax guidance again to “no less than NZ$580m” from a prior range of NZ$510m-NZ$560m (that was upgraded in late April 2023 from NZ$450m–NZ$530m).</li><li>The upgrade reflects (1) stronger ongoing demand than is typical during its low season and (2) lower oil prices. Revised guidance compares to Visible Alpha consensus of NZ$546m and our estimate of NZ$553m.</li><li>The outlook for FY24 continues to be relatively uncertain despite robust forward bookings and lower oil prices</li></ul>

Air New Zealand (AIR) has lifted its FY23 profit before tax guidance again to “no less than NZ$580m” from a prior range of NZ$510m-NZ$560m (that was upgraded in late April 2023 from NZ$450m–NZ$530m).The upgrade reflects (1) stronger ongoing demand than is typical during its low season and (2) lower oil prices. Revised guidance compares to Visible Alpha consensus of NZ$546m and our estimate of NZ$553m.The outlook for FY24 continues to be relatively uncertain despite robust forward bookings and lower oil prices

Air New Zealand

Air New Zealand: Another Profit Upgrade