QANTAS AIRWAYS LIMITED (QAN)
Share Price Analysis and Chart

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QAN - QANTAS AIRWAYS LIMITED

FNArena Sector : Transportation & Logistics

Year End: June

GICS Industry Group : Transportation

Debt/EBITDA: 1.66

Index: ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

Founded in Queensland in 1920, Qantas is Australia's largest domestic and international airline. Qantas was gradually privatised between 1993 and 1997 with the legislation stating Qantas must be at least 51% owned by Australian shareholders.

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$11.15 25 Aug 2025	-0.150 OPEN $11.40	-1.33% HIGH $11.44	4,552,623 LOW $11.04

TARGET

$11.183

0.3% upside

Franking for last dividend paid out: 100%

OTHER COMPANIES IN THE SAME SECTOR
ACE . AIZ . AQZ . AVD . AZJ . BXB . CLX . ERD . KLS . KSC . LAU . NTD . QUB . SPZ . SST . THL . WTC .

FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	75.9	108.7	xxx
DPS (cps)	xxx	0.0	48.4	xxx
EPS Growth	xxx	- 20.9%	43.1%	xxx
DPS Growth	xxx	N/A	N/A	xxx
PE Ratio	xxx	N/A	10.2	xxx
Dividend Yield	xxx	N/A	4.4%	xxx
Div Pay Ratio(%)	xxx	N/A	44.5%	xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 02/03 - ex-div 13.5c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2025 FactSet UK Limited. All rights reserved

Title	2019	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	xxx	75.9
DPS All	xxx	xxx	xxx	xxx	xxx	0.0
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	21,616.0 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	18.5
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	3,353.0 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	5.81 %

EPS Basic

Negative
Growth
Slowing

DPS All

Negative
Growth
Slowing

Sales/Revenue

Negative
Growth
Slowing

Book Value Per Share

Negative
Growth
Slowing

Net Operating Cash Flow

Negative
Growth
Slowing

Net Profit Margin

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	853.74 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	21.58 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	6.13 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	853.74 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	32.07 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	680.0 M

Return on Capital Employed

Negative
Growth
Slowing

Return on Invested Capital

Negative
Growth
Slowing

Return on Assets

Negative
Growth
Slowing

Return on Equity

Negative
Growth
Slowing

Return on Total Capital

Negative
Growth
Slowing

Free Cash Flow ex dividends

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	600 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	5,991 M
Total Debt	xxx	xxx	xxx	xxx	xxx	6,591 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	270 M
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	1,718 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	31.54

Short-Term Debt

Negative
Growth
Slowing

Long Term Debt

Negative
Growth
Slowing

Total Debt

Negative
Growth
Slowing

Goodwill - Gross

Negative
Growth
Slowing

Cash & Equivalents - Generic

Negative
Growth
Slowing

Price To Book Value

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	xxx	2,673.0 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	12.37 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	17,238 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	2,194 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	231 M

Capex

Negative
Growth
Slowing

Capex % of Sales

Negative
Growth
Slowing

Cost of Goods Sold

Negative
Growth
Slowing

Selling, General & Admin. Exp & Other

Negative
Growth
Slowing

Research & Development

Investments - Total

Negative
Growth
Slowing

Negative

Growth

Slowing

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

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Sentiment Indicator

0.4

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Citi	xx/xx/xxxx	1	xxxxxxx xx xxx xxxx xxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Macquarie	xx/xx/xxxx	3	xxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Morgans	xx/xx/xxxx	3	xxxxxxx xx xxxx xxxx xxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
UBS	12/06/2025	3	Neutral	$10.30	-7.62%	UBS notes updated earnings guidance from Qantas Airways at the announcement to exit its Jetstar Asia operations as of July 31, with the business expected to generate losses of -$35m in FY25, with a cash cost of -$160m to the airline. The analyst explains some 12 midlife A320s will be returned, which management estimates have a value of $500m, with four to replace the retiring Qantas F100s, six to replace Jetstar leases, and three for growth support in A&NZ. Management reiterated FY25 and FY26 capex guidance, with some of the capex benefits expected to flow through over FY27/FY28, UBS explains. The analyst believes post-COVID, Qantas is much more adept at managing its international network and enhancing return on capital employed. UBS lifts EPS estimates by 2% for FY25 and 6% for FY26. Target price rises to $10.30 from $9.30. Neutral rating retained. FORECAST UBS forecasts a full year FY25 dividend of 33.00 cents and EPS of 110.00 cents. UBS forecasts a full year FY26 dividend of 36.00 cents and EPS of 120.00 cents.
Morgan Stanley	xx/xx/xxxx	1	xxxxxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Ord Minnett	xx/xx/xxxx	2	xxxxxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial

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EXTRA COVERAGE

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No. Of Recommendations

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Jarden	10/07/2025	3	Downgrade to Neutral from Overweight	$10.20	-8.52%	In a preview of the transport and waste sector ahead of the FY25 result, Jarden observes share price gains in the last five months have been driven largely by earnings multiples rather than positive earnings expectations. The broker believes this could mean an implicit expectation for a stronger earnings outlook. Such an expectation would drive greater share price volatility, should companies disappoint in their guidance, the broker notes. The broker expects focus on Qantas Airways' FY26 guidance, and sees fuel cost guidance as a source of upside surprise. The analyst is forecasting $4.7bn vs the consensus of $4.89bn. Additional positive catalysts come from growth outlook or the plan to distribute surplus capital, the broker notes. Target cut to $10.20 from $10.50. Rating downgraded to Neutral from Overweight on strong share price gains. FORECAST Jarden forecasts a full year FY25 dividend of 31.70 cents and EPS of 106.80 cents. Jarden forecasts a full year FY26 dividend of 33.60 cents and EPS of 119.30 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Jarden

10/07/2025

Downgrade to Neutral from Overweight

$10.20

-8.52%

In a preview of the transport and waste sector ahead of the FY25 result, Jarden observes share price gains in the last five months have been driven largely by earnings multiples rather than positive earnings expectations.

The broker believes this could mean an implicit expectation for a stronger earnings outlook. Such an expectation would drive greater share price volatility, should companies disappoint in their guidance, the broker notes.

The broker expects focus on Qantas Airways' FY26 guidance, and sees fuel cost guidance as a source of upside surprise. The analyst is forecasting $4.7bn vs the consensus of $4.89bn.

Additional positive catalysts come from growth outlook or the plan to distribute surplus capital, the broker notes.

Target cut to $10.20 from $10.50. Rating downgraded to Neutral from Overweight on strong share price gains.

FORECAST
Jarden forecasts a full year FY25 dividend of 31.70 cents and EPS of 106.80 cents.
Jarden forecasts a full year FY26 dividend of 33.60 cents and EPS of 119.30 cents.

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QAN STOCK CHART

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Amount Invested	$
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QANTAS AIRWAYS LIMITED (QAN)
Share Price Analysis and Chart