Qantas' Ongoing Capacity Plans Drive Improving Unit Revenue Trends in 3Q, but Shares Overvalued
Qantas' third-quarter fiscal 2017 trading update keeps the no-moat firm on track to meet our full-year forecast. The company now projects full-year underlying profit before tax in the range of AUD 1.35 billion-AUD 1.40 billion, in line with our AUD 1.39 billion estimate, though we note that shares now look overvalued. We believe the company will continue to enjoy operating cost savings and improving revenue per available seat kilometre, or RASK, over the medium term from its ongoing transformati...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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