The long case with this one centres around the pent up demand...

The long case with this one centres around the pent up demand for travel (now also add in the travel stimulus as a catalyst) and the significant cost cutting that QAN has undertaken. I’ve been pleasantly surprised with the way that QAN has turned a traumatic event into an opportunity through some silver linings that leave it well placed to be successful post-Covid.

Don’t put too much emphasis on international, it’s a very small part of the business. Domestic and loyalty are where it’s at.

I wouldn’t buy at the current prices, but I wouldn’t short either. It could go either way, but on the balance of probabilities I believe QAN will trade at higher price in the next couple of years, enough to warrant a hold from me. But I do expect a lot of volatility along the way.