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

$10.72

12 Jun
2025

0.220

OPEN

$10.86

2.10%

HIGH

$11.03

8,524,288

LOW

$10.71

TARGET
$10.70 -0.2% downside
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 75.9 108.8 xxx
DPS (cps) xxx 0.0 49.1 xxx
EPS Growth xxx - 20.9% 43.3% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 9.4 xxx
Dividend Yield xxx N/A 4.8% xxx
Div Pay Ratio(%) xxx N/A 45.2% 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

0.3

No. Of Recommendations

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

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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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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Morgans

12/06/2025

3

Upgrade to Hold from Trim

$10.80

0.75%

Qantas Airways has announced the closure of Jetstar Asia, citing unsustainable supplier cost increases, high airport charges, and intensifying competition.

Jetstar Asia is expected to post a -$35m EBIT loss in FY25, with -$25m of this occurring in H2, notes Morgans. Qantas anticipates one-off closure costs of around -$175m, mostly incurred in FY26.

Aircraft from Jetstar Asia will be redeployed to higher-return markets in A&NZ, freeing up to $500m in capital and supporting broader fleet renewal initiatives, highlights Morgans.

The broker views the absence of formal FY25 guidance as an indication Qantas is broadly comfortable with consensus expectations. 

Morgans leaves FY25 forecasts largely unchanged but lifts FY26 and FY27 profit (NPBT) forecasts by 4% on lower fuel assumptions, noting an additional 5-10% upside if spot prices persist.

The target price increases to $10.80 from $9.40 and the broker upgrades its rating to Hold from Trim.

FORECAST
Morgans forecasts a full year FY25 dividend of 53.00 cents and EPS of 107.60 cents.
Morgans forecasts a full year FY26 dividend of 46.00 cents and EPS of 118.40 cents.

Macquarie

xx/xx/xxxx

3

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Citi

xx/xx/xxxx

3

xxxxxxx

$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

12/06/2025

2

Overweight

$10.50

-2.05%

Jarden notes Qantas Airways will close Jetstar Asia by the end of 2025, citing persistent losses driven by rising costs.

The move is expected to reduce 2H earnings by -$25m but improve long-term returns, with 13 aircraft to be redeployed and circa $500m in fleet capital benefits realised.

FY25 guidance remains unchanged, though Jarden trims its 2025 core EPS forecast  by -1% due to Jetstar Asia losses, Cyclone Alfred impacts, and lower-than-expected international capacity.

The broker raises FY26-27 forecasts by 2.5% on higher domestic capacity and yield. Upside is expected from fuel cost tailwinds and Jarden notes Qantas remains capital disciplined with strong operational delivery.

Jarden raises its target price to $10.50 from $9.75 and retains an Overweight rating.

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
Australian Broker Call *Extra* Edition – Jun 12, 2025

Jun 12 2025 - Daily Market Reports
2
Next Week At A Glance – 31 Mar – 4 April, 2025

Mar 28 2025 - Weekly Reports
3
Risk Off Puts Supermarkets In Focus

Mar 19 2025 - Australia
4
Australian Broker Call *Extra* Edition – Mar 17, 2025

Mar 17 2025 - Daily Market Reports
5
Rudi’s View: Post February Conviction Calls

Mar 13 2025 - Rudi's View

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