AIR Relative Valuation - Air New Zealand Ltd

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Price: 0.48 NZD 1.05% Market Closed

Market Cap: NZ$1.6B

	Air New Zealand Ltd NZX:AIR	NZ
S	Sungho Electronics Corp KOSDAQ:043260	KR

Multiples-Based Value

The Multiples-Based Value for Air New Zealand Ltd (AIR) under the Base Case is 1.2 NZD. Compared with the current market price of 0.48 NZD, the stock appears Undervalued by 60%.

Multiples-Based Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

What is relative valuation?

How is Multiples-Based Value calculated?

AIR Multiples-Based Value

Base Case

Undervaluation 60%

Multiples-Based Value

Price NZ$0.48

Worst Case

Base Case

Best Case

Valuation Multiples

View Details

Multiples Across Competitors

All Multiples

P/S

P/E

EV/EBITDA

EV/EBIT

Forward Multiples

			Market Cap	P/S	P/E	EV/EBITDA	EV/EBIT
NZ		Air New Zealand Ltd NZX:AIR	1.5B NZD	0.2	-77.3	-167.5	-167.5
US		Delta Air Lines Inc NYSE:DAL	44.5B USD	0.7	8.9	6.4	9.1
US		United Airlines Holdings Inc NASDAQ:UAL	31.2B USD	0.5	9.4	8	8
CH		Kinarus Therapeutics Holding AG SIX:KNRS	19.5B CHF	0	-1 404.3	-1 404.9	-1 404.9
UK		International Consolidated Airlines Group SA LSE:IAG	18.1B GBP	0.6	6.2	3.1	4.7
IE	R	Ryanair Holdings PLC LSE:RYA	15.4B EUR	1.1	8	4.5	6.8
US		Southwest Airlines Co NYSE:LUV	20.8B USD	0.7	47.1	11.1	51.7
IN		Interglobe Aviation Ltd NSE:INDIGO	1.8T INR	2	53.4	8.8	16.8
CN		Air China Ltd SSE:601111	125.5B CNY	0.7	-70.9	-661.3	-661.3
SG		Singapore Airlines Ltd SGX:C6L	21.1B SGD	1.1	9.2	5.4	13.2
CN		China Southern Airlines Co Ltd SSE:600029	109.6B CNY	0.6	127.9	31.3	31.3

				Revenue Growth	P/S to Growth
NZ		Air New Zealand Ltd NZX:AIR	Average P/S: 0.8 0.2	5%	0
US		Delta Air Lines Inc NYSE:DAL	0.7	4%	0.2
US		United Airlines Holdings Inc NASDAQ:UAL	0.5	7%	0.1
CH		Kinarus Therapeutics Holding AG SIX:KNRS	Not Available	N/A	N/A
UK		International Consolidated Airlines Group SA LSE:IAG	0.6	5%	0.1
IE	R	Ryanair Holdings PLC LSE:RYA	1.1	9%	0.1
US		Southwest Airlines Co NYSE:LUV	0.7	8%	0.1
IN		Interglobe Aviation Ltd NSE:INDIGO	2	12%	0.2
CN		Air China Ltd SSE:601111	0.7	N/A	N/A
SG		Singapore Airlines Ltd SGX:C6L	1.1	3%	0.4
CN		China Southern Airlines Co Ltd SSE:600029	0.6	10%	0.1

				Earnings Growth	PEG
NZ		Air New Zealand Ltd NZX:AIR	Average P/E: 33.8 Negative Multiple: -77.3	16%	N/A
US		Delta Air Lines Inc NYSE:DAL	8.9	6%	1.5
US		United Airlines Holdings Inc NASDAQ:UAL	9.4	18%	0.5
CH		Kinarus Therapeutics Holding AG SIX:KNRS	Negative Multiple: -1 404.3	N/A	N/A
UK		International Consolidated Airlines Group SA LSE:IAG	6.2	5%	1.2
IE	R	Ryanair Holdings PLC LSE:RYA	8	14%	0.6
US		Southwest Airlines Co NYSE:LUV	47.1	85%	0.6
IN		Interglobe Aviation Ltd NSE:INDIGO	53.4	8%	6.7
CN		Air China Ltd SSE:601111	Negative Multiple: -70.9	N/A	N/A
SG		Singapore Airlines Ltd SGX:C6L	9.2	-23%	N/A
CN		China Southern Airlines Co Ltd SSE:600029	127.9	N/A	N/A

				EBITDA Growth	EV/EBITDA to Growth
NZ		Air New Zealand Ltd NZX:AIR	Average EV/EBITDA: 9.8 Negative Multiple: -167.5	91%	N/A
US		Delta Air Lines Inc NYSE:DAL	6.4	11%	0.6
US		United Airlines Holdings Inc NASDAQ:UAL	8	31%	0.3
CH		Kinarus Therapeutics Holding AG SIX:KNRS	Negative Multiple: -1 404.9	N/A	N/A
UK		International Consolidated Airlines Group SA LSE:IAG	3.1	5%	0.6
IE	R	Ryanair Holdings PLC LSE:RYA	4.5	10%	0.4
US		Southwest Airlines Co NYSE:LUV	11.1	39%	0.3
IN		Interglobe Aviation Ltd NSE:INDIGO	8.8	12%	0.7
CN		Air China Ltd SSE:601111	Negative Multiple: -661.3	N/A	N/A
SG		Singapore Airlines Ltd SGX:C6L	5.4	3%	1.8
CN		China Southern Airlines Co Ltd SSE:600029	31.3	N/A	N/A

				EBIT Growth	EV/EBIT to Growth
NZ		Air New Zealand Ltd NZX:AIR	Average EV/EBIT: 17.7 Negative Multiple: -167.5	27%	N/A
US		Delta Air Lines Inc NYSE:DAL	9.1	12%	0.8
US		United Airlines Holdings Inc NASDAQ:UAL	8	14%	0.6
CH		Kinarus Therapeutics Holding AG SIX:KNRS	Negative Multiple: -1 404.9	N/A	N/A
UK		International Consolidated Airlines Group SA LSE:IAG	4.7	4%	1.2
IE	R	Ryanair Holdings PLC LSE:RYA	6.8	11%	0.6
US		Southwest Airlines Co NYSE:LUV	51.7	100%	0.5
IN		Interglobe Aviation Ltd NSE:INDIGO	16.8	6%	2.8
CN		Air China Ltd SSE:601111	Negative Multiple: -661.3	N/A	N/A
SG		Singapore Airlines Ltd SGX:C6L	13.2	1%	13.2
CN		China Southern Airlines Co Ltd SSE:600029	31.3	N/A	N/A

Air New Zealand Ltd
NZX:AIR

Multiples-Based Value

Valuation Multiples

Multiples Across Competitors

AIR Competitors Multiples
Air New Zealand Ltd Competitors

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Air New Zealand Ltd NZX:AIR

Multiples-Based Value

Valuation Multiples

Multiples Across Competitors

AIR Competitors Multiples Air New Zealand Ltd Competitors

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Air New Zealand Ltd
NZX:AIR

AIR Competitors Multiples
Air New Zealand Ltd Competitors