Sit belt on before take off, page-28

I think copyright won't let but I copy a few paragraphs:

Qantas’s $2.1 billion transformation program has given the airline a $200 million buffer that will insulate it from single-digit revenue declines over the next 12 months, analysts say.

“The tailwind of cost cuts and a slightly lower fuel bill provide a $200m profit buffer into FY17, which should be sufficient to absorb a 6 per cent unit revenue decline in the December 16 half for International,” said UBS analyst Simon Mitchell.

“We assume the 7c final dividend will annualise to a 15c full-year dividend, which equates to a respectable 4.5 per cent yield,” Mr Mitchell said.

Citi and JPMorgan upgraded their 12-month target price for the airline. “We have upgraded our net profit after tax by 0.8 per cent for FY17 and by 14.2 per cent for FY18 on the back of a likely better performance from Qantas International, lower fuel costs in FY18, and the benefits from the larger transformation program,” said JPMorgan analyst Guy Bunce.