Transferring Coverage of Qantas Airways; Shares Fairly Valued
After transferring coverage to a new analyst, we’re reiterating our no-moat and high uncertainty ratings for Qantas Airways, along with our AUD 3.40 fair value estimate. Our passenger forecast is unchanged. We continue to expect domestic passenger demand growth to average around 3% annually over the next five years, but strong growth in recent years has placed downward pressure on fares and margins as airlines attempted to stimulate demand; in 2017, we expect airlines to partly pass on the fuel ...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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