QAN +7.05%: the flying kangaroo posted significant losses for FY22 however the numbers were largely in line with expectations and performance continues to improve. Underlying EBITDA in the second half was $526m, towards the top end of guidance, assisted by a further @270m of annualized cost savings delivered in the 12 months. Domestic capacity has returned to pre-COVID levels, and total capacity in the 4th quarter was 63%. Net debt came in below their target and as a result they have launched a $400m on-market share buyback, further supporting shares but ensuring this will be a big news story tonight!
MM is neutral QAN around $5
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