AIR - Air NZ.

[Sideshow Bob]

I have heard this similar story so many times from so many people....this is going to screw up so many retirements, although low interest rates had already done half the job.

yeah on the other side of the interest dilemma, their house has well increased in value.

Problem is you can't eat your house!

[Beagle]

Stopped by Auckland airport today seeing as I was nearby anyway. Really filthy weather as one frontal / storm system after another blew in...watched an AIR 777-300 take off into the storm and quickly lost sight of it in the dark and foreboding cloud system. The symbolism wasn't lost on me. Looking forward to better weather ahead but I think some patience will be required and if they can't sell VAH soon it could be a long winter.

[trader_jackson]

Quick Update:
Forsyth smashes price target to $2.30, Rating: neutral

Key drivers for decrease in 12 month price target
- Price-relative valuation – in order to reflect the steep decline in earnings over the next two years.
- Price-to-book multiple reduced to 1.0x - with returns moderating, Forsyth believe a price-to-book of 1.0x is now more appropriate.

Disclosure: not holding a falling knife

[couta1]

That's okay tj, Forsyth have never been the sharpest knife in the brokers drawer

[mikeybycrikey]

Quick Update:
Forsyth smashes price target to $2.30, Rating: neutral

Key drivers for decrease in 12 month price target
- Price-relative valuation – in order to reflect the steep decline in earnings over the next two years.
- Price-to-book multiple reduced to 1.0x - with returns moderating, Forsyth believe a price-to-book of 1.0x is now more appropriate.

Disclosure: not holding a falling knife

What are their estimates of earnings for the next couple of years to warrant this re-rating?

[Master98]

Quick Update:
Forsyth smashes price target to $2.30, Rating: neutral

Key drivers for decrease in 12 month price target
- Price-relative valuation – in order to reflect the steep decline in earnings over the next two years.
- Price-to-book multiple reduced to 1.0x - with returns moderating, Forsyth believe a price-to-book of 1.0x is now more appropriate.

Disclosure: not holding a falling knife

as i know Forsyth set spark target price $2.8 with negative for years and spark market price stable at $3.7.

Disclosure:hold and no stress.

[winner69]

Morningstar apparently ACCUMULATE with $2.80 value

[Beagle]

That's okay tj, Forsyth have never been the sharpest knife in the brokers drawer

As a former client I couldn't agree more. Price to book of 1.0 values all their IP at nothing...no other airline I follow is trading at anything like a price to book of 1.0 and AIR are generally very well regarded in the industry as being innovative. So yeah Forbar's research really makes "perfect sense"

[winner69]

Quick Update:
Forsyth smashes price target to $2.30, Rating: neutral

Key drivers for decrease in 12 month price target
- Price-relative valuation – in order to reflect the steep decline in earnings over the next two years.
- Price-to-book multiple reduced to 1.0x - with returns moderating, Forsyth believe a price-to-book of 1.0x is now more appropriate.

Disclosure: not holding a falling knife

t_j the same analyst who has PEB at a $1?

[couta1]

Morningstar apparently ACCUMULATE with $2.80 value

Can't believe it, they finally got one right,a good outcome on the Virgin sale will see Forsyth with more egg on their face than an omellete.