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

$9.02

21 Mar
2025

-0.220

OPEN

$9.16

-2.38%

HIGH

$9.21

13,451,985

LOW

$9.02

TARGET
$9.89 9.6% 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 75.9 108.9 xxx
DPS (cps) xxx 0.0 49.0 xxx
EPS Growth xxx - 20.9% 43.4% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 8.3 xxx
Dividend Yield xxx N/A 5.4% xxx
Div Pay Ratio(%) xxx N/A 45.0% 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

0.2

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Citi

28/02/2025

3

Neutral

$9.60

6.43%

Citi highlights, on further inspection, Qantas reinstated a $250m base dividend and a $150m special dividend, replacing buybacks. Higher capex is expected in FY26-27.

The analyst raises FY25-27 EBIT forecasts by 3-8% but sees the stock as fairly valued. Citi maintains a Neutral rating with a target price of $9.60, up from $8.20.

***

On first take, Citi notes Qantas Airways' 1H25 EBIT of $1,505m was in line with consensus, with Jetstar outperforming by 15%, while Qantas Domestic and International missed by -7% and -4%, respectively.

The broker attributes this to customer down-trading, with Qantas Domestic RPK (Revenue Passenger Kilometres) and ASK (Available Seat Kilometres) flat or down, while Jetstar saw strong growth.

Management announced a fully franked $250m dividend, along with a $150m special dividend replacing a buyback. FY26 capex guidance of -$4.1–4.3bn was slightly above expectations.

Fuel costs of -$5.22bn versus -$5.01bn consensus are a moderate negative, the analyst explains, adding $100–200m in 2H25 costs, but Citi notes a positive RASK outlook could offset this.

FORECAST
Citi forecasts a full year FY25 dividend of 52.80 cents and EPS of 111.50 cents.
Citi forecasts a full year FY26 dividend of 36.60 cents and EPS of 113.60 cents.

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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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

Goldman Sachs

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Jarden

06/03/2025

2

Overweight

$9.75

8.09%

Jarden notes the highlight of Qantas Airways' 1H25 result was the resumption of dividends for the first time since covid.

While this was largely expected, the broker notes the dividend mix could attract a new investor base, and more franked special dividends and share buybacks could happen.

The airline's 1H25 underlying profit forecast was slightly ahead of consensus and the broker is forecasting an FY25 underlying profit of $2.37bn vs consensus of $2.35bn.

The broker hasn't accounted for earnings contribution from FY27 from Project Sunrise and will do so after further analysis.

Target price is $9.75 and rating is Overweight. 

FORECAST
Jarden forecasts a full year FY25 dividend of 33.20 cents and EPS of 108.20 cents.
Jarden forecasts a full year FY26 dividend of 34.30 cents and EPS of 116.40 cents.
Access Extra Coverage Research History >

QAN STOCK CHART

FNArena News on QAN

1
Risk Off Puts Supermarkets In Focus

Mar 19 2025 - Australia
2
Australian Broker Call *Extra* Edition – Mar 17, 2025

Mar 17 2025 - Daily Market Reports
3
Rudi’s View: Post February Conviction Calls

Mar 13 2025 - Rudi's View
4
Australian Broker Call *Extra* Edition – Mar 10, 2025

Mar 10 2025 - Daily Market Reports
5
Australian Broker Call *Extra* Edition – Mar 06, 2025

Mar 06 2025 - Daily Market Reports

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