FY21 Result: Obviously a year of losses expected for the flying Kangaroo however it was slightly less than we thought which is a positive, while underlying EBITDA of $410m was inline with company guidance but better than market expectations of $356m. Their restructuring program is ahead of schedule and their rhetoric today was more positive. Overall, inline with some more optimistic commentary. Shares trading ~3.5% higher nearing the close.
MM remains bullish & long QAN
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