Qantas' capacity discipline helps domestic pricing, but international routes remain competitive.
Qantas’ analyst day highlighted the firm’s capacity, discipline and cost control that should support high-single-digit earnings growth over the next several years. While we commend the firm’s focus on return on invested capital and recent improvements, we don’t assign the firm an economic moat. We remain concerned rising fuel prices, combined with intense international competition, will lead to lower long-term earnings growth and ROIC. We’ve lifted our fair value estimate to AUD 3.60 from AUD 3....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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