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>The strong bounce in Air New Zealand's (AIR) post-COVID earnings is subsiding. FY24 earnings are likely to be materially lower than FY23.</li><li>The recent first time 1H24 earnings guidance points to margin decline driven by moderating yields, lower domestic load factors, higher fuel costs, and sustained labour inflation.</li><li>AIR refers to softening domestic demand, which we expect to seep into international over the course of FY24, given increasing competition and a weakening consumer backdrop. </li></ul>

The strong bounce in Air New Zealand's (AIR) post-COVID earnings is subsiding. FY24 earnings are likely to be materially lower than FY23.The recent first time 1H24 earnings guidance points to margin decline driven by moderating yields, lower domestic load factors, higher fuel costs, and sustained labour inflation.AIR refers to softening domestic demand, which we expect to seep into international over the course of FY24, given increasing competition and a weakening consumer backdrop. 

Air New Zealand

Air New Zealand - Lower Flight Path