Interim 2017 PBT Guided 8%-13% Below 2016; FVE Revised Down 6% to AUD 3.40 per Share
We have revised our earnings forecasts and fair value estimate following the release of a September quarter trading update by no-moat Qantas. First-quarter 2017 revenue of AUD 4 billion is down 3% on the prior comparative period, driven by lower international air fares, given increased competition and subdued domestic demand for the first two months of the quarter. Management guided to interim 2017 underlying profit before tax, or PBT, of AUD 800 million-AUD 850 million, 8%-13% down on interim 2...Qantas Airways is engaged in the operation of international and domestic air transportation services, the provision of freight services and the operation of a Frequent Flyer loyalty program. Co. comprises following operating segments: Qantas Domestic, Qantas International, and Jetstar Group, all of which comprises its passenger flying businesses; Qantas Freight, which comprises its air cargo and express freight business; and Qantas Loyalty, which comprises its customer loyalty recognition programs.
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