Ann: Qantas Group HY23 Appendix 4D and Interim Financial Report, page-63

The fact that $QAN trades with such huge price changes in matter of days, just like a crypto shitcoin does, demonstrates that nobody can really value it. Fundamentally it has very little (if any) liquidatable book value, with debt being higher than the recoverable value of its diminishing pool of assets. Granted, there is goodwill there with the brand, but Joyce is doing a great job of damaging that.

The cashflow reality is that Qantas only enjoys posiitve cashflow from pent up post-lockdown demand and deferral of very overdue capex for maintenance and new planes. Neither of these are sustainable.

The Qantas equity bubble in the midst of the company buybacks is literally the dumbest thing that I've ever seen on the ASX. This bubble has taught me not to underestimate the sheer stupidity of the new generation of stock market participants, many of which were motivated to get into stocks due to the boredom of lockdowns and inability to gamble on sports at the height of the pandemic.

Qantas is clearly being run to maximise current cashflow to prop up the share price ahead of Joyce's departure from the company. It sets the company up for a disatrous future ahead of imminent recession and higher interest rates, which the company will suffer under when it will need to borrow to pay for capex when they can no longer put this off. By then Joyce will have retired and won't care. But how this isn't obvious to even the dumbest investors right now is beyond me. I guess that I still overestimate the intelligence of the market to look beyond headline numbers.