The iconic Australian airline has been grinding higher post COVID although it keeps falling short of our +$6 target area. This month the national carrier launched a takeover of Alliance Aviation in a scrip deal for over $900mn, we like this move which should immediately be earnings accretive but its had a limited impact on the share price. The company has a strong balance sheet and has done a very good job of right-sizing its cost base during COVID leaving it nicely positioned to benefit from the reopening of global travel, but we aren’t looking for a significant advance because there’s nothing overly “new” in this story.
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Performance update for March, stocks that drove returns & our current positioning
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Wednesday 24th April – ASX200 +17pts, Silver Lake (SLR), Kogan (KGN) & CPI
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Market Matters Research Lead Shawn Hickman with David Koch
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Wednesday 24th April – DOW +263pts, SPI +27pts
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MM is long and bullish QAN looking for +$6
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