very wild this am could be a bottom, page-30

Interesting regarding yield and p:e

QANTAS AIRWAYS (QAN) advised the ASX yesterday its net profit
would be at the "lower end" of analysts' forecasts.

Chief executive Geoff Dixon then kindly filled us in on what
that range was - from $670 million to $895 million.

He went further and said that, at this stage, after
restructuring costs of $153 million, the airline's profit would be
around $670 million.

Yup ... that is at the "lower end" all right.

Any lower and it would be outside the range altogether and worse
than the worst estimate.

The shares, down 9c on Tuesday, plunged 19c to a new low of
$2.99 yesterday before closing at $3.03.

Unless we got our arithmetic wrong, Qantas will still earn
better than 33c this year, which puts it on a p/e of 9 times, well below
the market average of almost 15 times.