Buyback Cuts Through Qantas Headwinds
Qantas shares ended the day up nearly 5% at one stage yesterday as the market concluded the airline’s 2018-19 result wasn’t as bad as a 17% slide in net earnings might say.
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News
Virgin Shares Nosedive After New Earnings Downgrade
New CEO, new broom, new guidance, lower profit, kitchen sink to come? Sound familiar? Well, that’s what we got from Virgin Australia on Friday morning and it raises questions about the health of the domestic and international aviation markets.
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Qantas Ups Dividend, New Buyback Despite Fuel Headwinds
Qantas shares were sold off and then drifted higher yesterday in the wake of the announcement of another lift in dividend and share buyback.
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Higher Fares Offest Higher Fuel Costs At Qantas
Virgin has just upgraded its outlook despite higher fuel costs, yesterday Qantas said it is looking at a rise in first-half revenues because of a rise in forward bookings and higher airfares have helped offset rising fuel costs.
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Fuel Headwinds Hit Qantas
A touch of turbulence for Qantas shares yesterday in the wake of the release of its 2017-18 results with the expected super profit and dividend, plus a buyback.
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Analyst Views
QAN – Morgan Stanley rates the stock as Upgrade to Overweight from Equal-weight
Morgan Stanley assesses, while some early demand indicators for FY20 are subdued, there is more confidence the downside risks are captured and there is limited near-term impact from volatility in the oil price.
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QAN – Deutsche Bank rates the stock as Buy
The US government has tentatively approved Qantas' proposed expanded alliance and revenue pooling agreement with American Airlines. The arrangement will mean the two carriers co-ordinate flight schedules, pricing and capacity and share revenue on international routes between the US, Australia and New Zealand.
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QAN – Credit Suisse rates the stock as Neutral
Despite signs of consumer weakness in many other sectors, management considers the current demand environment is healthy. First half pre-tax profit was slightly below Credit Suisse estimates.
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QAN – Deutsche Bank rates the stock as Hold
First quarter operating results were in line with expectations and Deutsche Bank notes forward bookings have increased to 8% from 6.2%. Management has also increased full-year fuel costs guidance.
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QAN – UBS rates as Neutral
Qantas was able to produce another strong result, at the top end of guidance, through unit revenue growth and prudent capacity growth in the face of higher fuel costs and wage inflation. Hence, the broker notes, shareholders were again rewarded with capital returns.
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