QANTAS AIRWAYS LIMITED (QAN)
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QAN

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

$10.93

21 Jul
2025

-0.170

OPEN

$11.06

-1.53%

HIGH

$11.06

3,463,954

LOW

$10.89

TARGET
$11.183 2.3% 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 .
FNARENA'S MARKET CONSENSUS FORECASTS
QAN: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 75.9 108.7 xxx
DPS (cps) xxx 0.0 48.4 xxx
EPS Growth xxx - 20.9% 43.1% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 10.1 xxx
Dividend Yield xxx N/A 4.4% xxx
Div Pay Ratio(%) xxx N/A 44.5% 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 © 2025 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 xxxxxxxxxxxxxxx18.5
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 xxxxxxxxxxxxxxx32.07 %
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 xxxxxxxxxxxxxxx270 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx1,718 M
Price To Book Value xxxxxxxxxxxxxxx31.54

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 xxxxxxxxxxxxxxx17,238 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

0.4

No. Of Recommendations

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

Citi

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1

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Macquarie

xx/xx/xxxx

3

xxxxxxx

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xx.xx%

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Morgans

xx/xx/xxxx

3

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UBS

12/06/2025

3

Neutral

$10.30

-5.76%

UBS notes updated earnings guidance from Qantas Airways at the announcement to exit its Jetstar Asia operations as of July 31, with the business expected to generate losses of -$35m in FY25, with a cash cost of -$160m to the airline.

The analyst explains some 12 midlife A320s will be returned, which management estimates have a value of $500m, with four to replace the retiring Qantas F100s, six to replace Jetstar leases, and three for growth support in A&NZ.

Management reiterated FY25 and FY26 capex guidance, with some of the capex benefits expected to flow through over FY27/FY28, UBS explains.

The analyst believes post-COVID, Qantas is much more adept at managing its international network and enhancing return on capital employed.

UBS lifts EPS estimates by 2% for FY25 and 6% for FY26. Target price rises to $10.30 from $9.30. Neutral rating retained.

FORECAST
UBS forecasts a full year FY25 dividend of 33.00 cents and EPS of 110.00 cents.
UBS forecasts a full year FY26 dividend of 36.00 cents and EPS of 120.00 cents.

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

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

10/07/2025

3

Downgrade to Neutral from Overweight

$10.20

-6.68%

In a preview of the transport and waste sector ahead of the FY25 result, Jarden observes share price gains in the last five months have been driven largely by earnings multiples rather than positive earnings expectations.

The broker believes this could mean an implicit expectation for a stronger earnings outlook. Such an expectation would drive greater share price volatility, should companies disappoint in their guidance, the broker notes.

The broker expects focus on Qantas Airways' FY26 guidance, and sees fuel cost guidance as a source of upside surprise. The analyst is forecasting $4.7bn vs the consensus of $4.89bn.  

Additional positive catalysts come from growth outlook or the plan to distribute surplus capital, the broker notes.

Target cut to $10.20 from $10.50. Rating downgraded to Neutral from Overweight on strong share price gains.

FORECAST
Jarden forecasts a full year FY25 dividend of 31.70 cents and EPS of 106.80 cents.
Jarden forecasts a full year FY26 dividend of 33.60 cents and EPS of 119.30 cents.
Access Extra Coverage Research History >

QAN STOCK CHART

FNArena News on QAN

1
Weekly Ratings, Targets, Forecast Changes – 18-07-25

Jul 21 2025 - Weekly Reports
2
ESG Focus: The Little Big Things – 14-07-2025

Jul 16 2025 - ESG Focus
3
In Case You Missed It – BC Extra Upgrades & Downgrades – 11-07-25

Jul 11 2025 - Weekly Reports
4
Australian Broker Call *Extra* Edition – Jul 10, 2025

Jul 10 2025 - Daily Market Reports
5
Next Week At A Glance -7-11 Jul 2025

Jul 04 2025 - Weekly Reports

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