QAN – Credit Suisse rates the stock as Underperform

Credit Suisse adjusts forecasts to allow for a more favourable working capital position in FY22.

Qantas has a very large negative working capital position, which is expected to increase to $6.3bn in FY22 and $6.7bn in FY24 as a recovery in unearned ticket revenue offsets a decline in unearned loyalty revenue.

Credit Suisse maintains an Underperform rating and raises the target to $4.15 from $3.90.

Sector: Transportation.


Target price is $4.15.Current Price is $5.03. Difference: ($0.88) – (brackets indicate current price is over target). If QAN meets the Credit Suisse target it will return approximately -21% (excluding dividends, fees and charges – negative figures indicate an expected loss).



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