Key takeaways from Qantas shareholders’ meeting in Melbourne
So what did we learn from Friday’s annual meeting of Qantas shareholders in Melbourne?
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Qantas Airways Limited
Founded in the Queensland outback in 1920, Qantas has grown to be Australia’s largest domestic and international airline.
Registered originally as the Queensland and Northern Territory Aerial Services Limited (QANTAS), Qantas is widely regarded as the world’s leading long distance airline and one of the strongest brands in Australia. We’ve built a reputation for excellence in safety, operational reliability, engineering and maintenance, and customer service.
The Qantas Group’s main business is the transportation of customers using two complementary airline brands – Qantas and Jetstar. Our airline brands operate regional, domestic and international services. The Group’s broad portfolio of subsidiary businesses ranges from Qantas Freight Enterprises to Qantas Frequent Flyer.
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Stocks of the Hour: Black Mountain Energy, Andromeda Metals, Qantas
A snapshot of the stocks on the move, featuring Black Mountain Energy (ASX:BME), Andromeda Metals (ASX:ADN) and Qantas (ASX:QAN).
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News
ACCC wins battle as Qantas cancels $611 million takeover
The Australian Competition and Consumer Commission (ACCC) has scored a significant victory over Qantas as the airline called off its $611 million takeover of the smaller rival fly-in, fly-out operator, Alliance Aviation Services.
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Airlines’ boom turns to bust as fuel prices soar
In the year leading up to June, Qantas (ASX:QAN), Virgin, and Air New Zealand (ASX:AIZ) all enjoyed a boom, with soaring business, revenues, and earnings as international and domestic travel rebounded. However, the surge in oil and fuel prices has since dimmed their 2022-23 performance.
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Qantas Chair Richard Goyder to depart amidst board renewal
Qantas (ASX:QAN) Chair Richard Goyder is set to respond to persistent calls for his departure from the board, with his exit planned for just over a year from now.
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Qantas board withholds CEO’s bonuses amidst ACCC investigation
The Qantas (ASX:QAN) board paid former CEO Alan Joyce $21.4 million as he exited the company, according to the airline's annual report released Wednesday afternoon.
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Analyst Views
QAN – Credit Suisse rates the stock as Underperform
The broker raises its target price to $4.60 from $4.10 on a change of valuation method and maintains its Underperform rating.
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QAN – Credit Suisse rates the stock as Underperform
The target price of $4.10 and Underperform rating are unchanged, despite the analyst increasing the estimated loss for FY22 to -$1.6bn from -$1.2bn.
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QAN – Credit Suisse rates the stock as Underperform
Credit Suisse maintains the Underperform rating and believes the share price doesn't adequately reflect the risk of further covid disruptions. The target is kept at $4.15.
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QAN – Credit Suisse rates the stock as Underperform
Credit Suisse adjusts forecasts to allow for a more favourable working capital position in FY22. The broker maintains an Underperform rating and raises the target to $4.15 from $3.90.
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