QAN shares fell another -2.3% yesterday compounding what’s already been a torrid time for the flying kangaroo, a period which has included an arguably forced early exit of CEO Alan Joyce. While this is probably the eye of the storm for QAN with negative press everywhere you turn it’s hard to imagine how Vanessa Hudson can steady the ship in the near term with calls for Qatar to be granted more flights into Australia, the blocking of Joyce’s $24m Golden handshake and even returning the $900m it received in JobKeeper – selfishly I wouldn’t mind overseas flights 40% cheaper plus it does appear that Canberra has been protecting a private enterprise for questionable reasons.
- We think QAN is now in the too-hard basket as the reputational damage from recent controversy is hard to quantify.
MM currently has no interest in QAN
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