Question 3 (5 marks) Air New Zealand and Qantas are two well-known airlines providing flights in the Australian tourism market. They are both listed on the Australian Stock Exchange with Air New Zealand trading under the code AIZ and Qantas trading under the code (QAN). In the table below is an extraction of ratios as at 30 June 2019. 2019 Air New Zealand and Qantas Ratio Category Ratio Name Air NZ Qantas Profitability Ratios Profit Margin (%) ROE (%) ROA (%) 4.67 12.92 4.19 5.12 26.25 5.49 Asset Efficiency Ratios Days Inventory Days Receivables Days Payables 5.11 27.76 36.91 7.55 20.14 51.23 Liquidity Ratios 0.68 Current Ratio Quick Ratio 0.49 0.45 0.65 Capital Structure Ratios (Solvency Ratios) 124.32 152.04 Gross Gearing (D/E) (%) Net Interest Cover (interest coverage ratio) 13.06 7.89 Market Performance Ratios PER (Price earnings ratio) 11.34 9.82 Required (350 words): Write a report briefly describing each ratio and which company is performing best based on each ratio. Include an overall conclusion as to which company you would recommend based only on the data you have been provided in this question and justify your selection