QANTAS AIRWAYS LIMITED (QAN)
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QAN - QANTAS AIRWAYS LIMITED

FNArena Sector : Transportation & Logistics
Year End: June
GICS Industry Group : Transportation
Debt/EBITDA: 1.66
Index: ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

Founded in Queensland in 1920, Qantas is Australia's largest domestic and international airline. Qantas was gradually privatised between 1993 and 1997 with the legislation stating Qantas must be at least 51% owned by Australian shareholders.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$6.92

13 Sep
2024

0.080

OPEN

$6.88

1.17%

HIGH

$6.97

7,268,680

LOW

$6.88

TARGET
$7.525 8.7% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
ACE . AIZ . AQZ . AVD . AZJ . BXB . CLX . ERD . KLS . KSC . LAU . NTD . QUB . SLH . SPZ . SST . THL . WTC . Z2U .
FNARENA'S MARKET CONSENSUS FORECASTS
QAN: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 75.9 97.8 xxx
DPS (cps) xxx 0.0 27.1 xxx
EPS Growth xxx - 20.9% 28.8% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 7.1 xxx
Dividend Yield xxx N/A 3.9% xxx
Div Pay Ratio(%) xxx N/A 27.7% xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 02/03 - ex-div 13.5c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx75.9
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx21,616.0 M
Book Value Per Share xxxxxxxxxxxxxxx18.4
Net Operating Cash Flow xxxxxxxxxxxxxxx3,353.0 M
Net Profit Margin xxxxxxxxxxxxxxx5.81 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx853.74 %
Return on Invested Capital xxxxxxxxxxxxxxx21.58 %
Return on Assets xxxxxxxxxxxxxxx6.13 %
Return on Equity xxxxxxxxxxxxxxx853.74 %
Return on Total Capital xxxxxxxxxxxxxxx32.27 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx680.0 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx600 M
Long Term Debt xxxxxxxxxxxxxxx5,991 M
Total Debt xxxxxxxxxxxxxxx6,591 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx1,718 M
Price To Book Value xxxxxxxxxxxxxxx31.75

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx2,673.0 M
Capex % of Sales xxxxxxxxxxxxxxx12.37 %
Cost of Goods Sold xxxxxxxxxxxxxxx17,224 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx2,194 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx231 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.8

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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UBS

30/08/2024

1

Buy

$7.95

14.88%

Qantas Airways' FY24 result was broadly in line with UBS' expectations, while operating cash flow was much better allowing for greater capital returns during FY25.

Opex was disappointing in FY24. The broker had expected material cost per available seat kilometre (CASK) declines from transitionary costs dropping, transformation, and mix shift to lower-CASK international and Jetstar services.

Overall, this was nevertheless a positive result, UBS  suggests. It should be a source of relief for the market which is currently pricing Qantas on the implicit assumption that earnings need to fall further before being considered sustainable.

The broker thinks FY25 reflects the new normal of post-covid earnings with a better domestic market structure, a reset approach to the international network, and higher loyalty earnings. Target rises to $7.95 from $7.50, Buy retained.

FORECAST
UBS forecasts a full year FY25 EPS of 94.00 cents.
UBS forecasts a full year FY26 EPS of 94.00 cents.

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Goldman Sachs

04/09/2024

1

Buy

$8.05

16.33%

Revenue at Qantas Airways in FY24 was marginally lower than Goldman Sachs anticipated while pre-tax profit was higher. The airline noted stable travel demand and momentum in revenue in the first half of FY25.

Group domestic revenue intake was up 4% on trailing six-week average to August 24, with Qantas up 2% and Jetstar 6%. Group international revenue intake was up 13%, with Qantas up 7% and Jetstar up 30%.

Goldman Sachs highlights the second half improvement in key operating metrics and retains a Buy rating with an $8.05 target.

FORECAST
Goldman Sachs forecasts a full year FY25 dividend of 30.00 cents and EPS of 99.00 cents.
Goldman Sachs forecasts a full year FY26 dividend of 30.00 cents and EPS of 106.00 cents.
Access Extra Coverage Research History >

QAN STOCK CHART

FNArena News on QAN

1
Australian Broker Call *Extra* Edition – Sep 13, 2024

Sep 13 2024 - Daily Market Reports
2
Rudi’s View: August Results Fail To Inspire

Sep 05 2024 - Rudi's View
3
Australian Broker Call *Extra* Edition – Sep 04, 2024

Sep 04 2024 - Daily Market Reports
4
Weekly Ratings, Targets, Forecast Changes – 30-08-24

Sep 02 2024 - Weekly Reports
5
FNArena Corporate Results Monitor – 30-08-2024

Aug 30 2024 - Australia

Latest Transportation & Logistics News

1
Aurizon: A Dividend Downer For Investors

Aug 14 2024 - Australia
2
Treasure Chest: Qantas Airways

Jul 15 2024 - Treasure Chest
3
In Brief: Airlines, Pathology & Seek

Jul 12 2024 - Weekly Reports
4
Brambles’ Divisive March Quarter

Apr 24 2024 - Australia
5
Treasure Chest: Silk Logistics

Sep 28 2023 - Treasure Chest
6
Lindsay Australia: Transported To Growth

Sep 13 2023 - Small Caps
7
Qantas Flying High, But Sustainability In Question

May 24 2023 - Australia
8
A Better Brambles Exudes Confidence

Mar 01 2023 - Australia
9
Price Performance Drives Brambles’ Turnaround

Oct 20 2022 - Australia
10
Brambles Executes On Pricing & Costs

Aug 19 2022 - Australia