Qantas Airways Ltd

QAN: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$6.20	Mcwp	Ppwpwrf

We Expect Qantas' Domestic Capacity to Fully Recover by Fiscal 2022

Angus Hewitt

May 20, 2021

Business Strategy and Outlook

The COVID-19 pandemic continues to wreak havoc on the global airline industry. Lockdowns, border restrictions, and social distancing measures have clipped Qantas' wings. Stringent Australian entry requirements for international arrivals and a ban on noncitizen, nonpermanent resident arrivals have decimated passenger revenue, and despite aggressive cost-cutting, we expect operating deleverage to lead to significant aftertax losses in 2021.

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