Will QAN survive?, page-5267

Yes, that's the problem. The least sophisticated investors flock to it by comparing share price before to now without understanding the structure of the balance sheet has changed and that they are comparing apples to oranges. More shares on issue, hardly any tangible assets left on the balance sheet, much higher interest costs now vs then, etc.

This could rip for a while. The fact that Qantas are spending such low amounts on capex will result in high +ve cashflow for now, and that's all the mums and dads can comprehend at best. They won't realise that this is completely unsustainable and will result in an unprofitable airline in the medium and long term. By the time that it's obvious that things are heading south, Joyce will have retired and cashed in his stock related remuneration. He's just after short term stock gains and could not care less about profit sustainability.