alan joyce, page-59

I and my wife were original shareholders of the company and were supportive of our national icon .We sold out and bought CBA last year.
If you added up Qantas's capital raisings and rights issues and the like with its original share price that value is well above its intrinsic value...in other words shareholder value has been destroyed over the many years....not only do you have govt taxes and interference , aircraft cost and maintenance , staff , workers , pilots ,crews etc , fuel and fuel excises and the unions and then add bad management ...no wonder Buffett does not invest in the airline industry.
IF you compare the wages of staff , crew , pilots with that of Virgin that will give you another clue...unions gouged the airline as it was deemed the national carrier thinking that the govt of the day will bail them out ie blackmailed handout philosophy ala gmh spc etc...
Fundamental analysis will point to Qantas being a cot case , yep I sold when I became more educated on balance sheets.
A lot better value elsewhere....