Goldman Sachs maintains a Neutral rating on Air New Zealand with a NZ$0.43 price target following an update to FY26-28 EBITDA estimates. The revision reflects updated capacity and fuel expense profiles amid ongoing operational and macroeconomic pressures.
Key Takeaways
- 1.Air New Zealand's FY26e/27e EBITDA estimates were reduced by 1% due to updated capacity, unit revenue, and fuel expense profiles.
- 2.The Neutral rating is maintained with a 12-month price target of NZ$0.43, citing downside risks such as engine issues, balance sheet constraints, and Middle East conflict uncertainty.
Table of Contents
- Investment Thesis - Air New Zealand
- Price Target Risks and Methodology - Air New Zealand
- Disclosure Appendix
- GS Factor Profile
- M&A Rank
- Quantum
- Disclosures
- Company-specific regulatory disclosures
- Distribution of ratings/investment banking relationships
- Price target and rating history chart(s)
- Regulatory disclosures
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Authors
Niraj ShahSophie YuAlex Nosatti
Securities
AIR.NZ
Themes
Transformation benefitsSupply chain and engine reliabilityGeopolitical macro uncertainty
Regions
Asia PacificNew Zealand