Qantas Airways Ltd
QAN: XASX (AUS)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
A$6.20 | Mccb | Cmftgjyp |
Qantas: Another Upgrade but Profits Unreasonably Elevated and Good News Baked Into the Price
We maintain our AUD 5.90 fair value estimate for Qantas shares with another positive trading update. Demand still outstrips supply, and jet fuel prices have moderated recently, partly offset by unfavourable currency movements. Full planes, high ticket prices, and an easing fuel bill see Qantas set for record profitability. We lift our fiscal 2023 pretax profit forecast by 6% to AUD 2.5 billion, the midpoint of company guidance.