Qantas’ Full-Year Results Highlight Operational Improvements, but Fuel Remains the Major Driver
Qantas' fiscal 2017 results were slightly ahead of our expectations, with AUD 1.40 billion in profit before tax, at the top end of management’s outlook of AUD 1.35 billion-1.40 billion. We’ve increased our fair value estimate to AUD 4.00 per share from AUD 3.60 to account for continued low near-term fuel costs and further benefits from its internal transformation activity, but believe the market is overlooking the no-moat firm’s risks in rising oil prices, competitive industry responses, and mar...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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