Company Valuation: Air New Zealand Limited

Data adjusted to current consolidation scope
Fiscal Period: June 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 1,740 1,920 2,627 1,785 1,934 1,458 - -
Change - 10.32% 36.84% -32.05% 8.32% -24.61% - -
Enterprise Value (EV) 1 4,782 3,495 3,735 3,322 3,336 3,070 3,541 3,768
Change - -26.92% 6.88% -11.06% 0.41% -7.95% 15.32% 6.41%
P/E ratio -6.03x -1.4x 6.39x 12.3x 15.8x -16.4x -121x 9.66x
PBR 1.58x 1.14x 1.26x 0.89x 0.99x 0.84x 0.84x 0.81x
PEG - -0x -0x -0.2x -1.1x 0x 1.4x -0x
Capitalization / Revenue 0.69x 0.7x 0.42x 0.26x 0.29x 0.21x 0.2x 0.19x
EV / Revenue 1.9x 1.28x 0.59x 0.49x 0.49x 0.45x 0.49x 0.49x
EV / EBITDA 14.1x -874x 2.9x 3.53x 3.6x 4.41x 3.77x 3.07x
EV / EBIT -12.7x -5.2x 6.32x 14.8x 16.8x -32x 106x 13.5x
EV / FCF 52x 15.7x 3.99x 175x 20.8x -2.82x -4.23x -13.5x
FCF Yield 1.92% 6.38% 25.1% 0.57% 4.8% -35.5% -23.7% -7.43%
Dividend per Share 2 - - 0.06 0.035 0.025 - 0.001 0.0227
Rate of return - - 7.69% 6.6% 4.27% - 0.22% 5.05%
EPS 2 -0.257 -0.408 0.122 0.043 0.037 -0.0274 -0.00372 0.0466
Distribution rate - - 49.2% 81.4% 67.6% - -26.9% 48.8%
Net sales 1 2,517 2,734 6,330 6,752 6,755 6,880 7,214 7,684
EBITDA 1 339 -4 1,286 941 926 695.9 940.3 1,228
EBIT 1 -377 -672 591 225 199 -95.87 33.26 279.5
Net income 1 -289 -591 412 146 126 -86.69 -22.71 147.5
Net Debt 1 3,042 1,575 1,108 1,537 1,402 1,613 2,083 2,310
Reference price 2 1.5500 0.5700 0.7800 0.5300 0.5850 0.4500 0.4500 0.4500
Nbr of stocks (in thousands) 1,122,810 3,368,446 3,368,430 3,368,464 3,305,616 3,239,622 - -
Announcement Date 8/25/21 8/24/22 8/23/23 8/28/24 8/27/25 - - -
1NZD in Million2NZD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-16.43x0.45x4.41x-.--% 846M
8.4x0.8x5.7x1.32% 38.18B
12.39x1.59x6.55x1.84% 30.76B
6.88x0.72x5.15x-.--% 28.01B
5.79x0.69x3.04x3.16% 21.31B
50.96x2.18x10.68x0.24% 17.38B
1372.4x1.77x9.15x-.--% 16.8B
18.77x1.28x5.82x4.17% 16.06B
92.51x1.77x8.73x0.08% 15.05B
114.61x1.99x9.06x-.--% 14.24B
Average 166.63x 1.32x 6.83x 1.08% 19.87B
Weighted average by Cap. 142.32x 1.30x 6.67x 1.24%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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