Qantas Airways: All eyes on Investor Day for long-term outlook
About the author:
- Author name:
- By Billy Boulton
- Job title:
- Associate Analyst
- Date posted:
- 24 May 2023, 7:30 AM
- Sectors Covered:
- Agriculture, Travel, Chemicals, Food & Beverage
- Ahead of its Investor Day next Tuesday, Qantas Airways (ASX:QAN) has provided a trading update and FY23 underlying NPBT guidance, with the midpoint 2.1% above consensus.
- QAN’s record free cashflow performance and materially lower than expected net debt position were the highlight of its update. This positions it well to fund its fleet reinvestment program whilst further rewarding shareholders.
- Importantly, QAN said based on forward booking trends, it expects travel demand to remain strong into FY24 with current revenue intakes well above pre-COVID.
- We have upgraded our forecasts. We continue to view the discount being applied to QAN vs pre-COVID multiples as unwarranted. ADD maintained.
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