Transfer of Analyst Coverage: Fair Value Estimate and Forecasts Unchanged
We transfer coverage of Qantas. At this stage, we reaffirm our current forecasts, our DCF-based fair value estimate of AUD 3.60 per share, and our no-moat and high uncertainty ratings. At the current share price, Qantas trades at around a 10% discount to our fair value estimate. We forecast 3-year CAGR in EPS of 4% to fiscal 2019. Our no-moat and high uncertainty ratings reflect the highly competitive and cyclical nature of the airline industry, coupled with the sensitivity to external factors, ...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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