Qantas Airways Ltd (ASX: QAN) shares closed 2% higher on Wednesday afternoon, at $9.14.

The increase marks the third consecutive share price increase in as many days, meaning the ASX airline shares have now rebounded 5% this week.

It’s great news for investors after the travel stock tumbled 19% between early August and mid-September. The shares are now down 13% for the year-to-date and 16% lower than 12 months ago.

What caused Qantas shares to fall in August?

Ahead of the company’s FY26 results announcement in late August, the market hesitated about what the company might post. Some investors began selling their shares, expecting the results to disappoint and the shares to fall again.

And they were right.

In late August, Qantas reported a 13.8% year-on-year decline in its underlying profit before tax, and revealed that its statutory profit had fallen around 29%.

For the 12-month period, Qantas reported a 12.7% year-on-year drop in underlying earnings per share to 96 cents. And elsewhere, its $6.2 billion of net debt came in at the middle of its target range of $5.5 billion to $6.9 billion for FY26.

With profits down, management declared a fully-franked final Qantas dividend of 19.8 cents per share and a total dividend of 39.6 cents per share, down 25% from last year’s final payout.

At the same time, renewed conflict in the Middle East and further oil supply constraints have put pressure back on fuel prices. This has put airlines like Qantas under significant pressure. 

As part of its results, Qantas reported that the impact from the Middle East conflict has cost the airline an estimated $420 million to date, largely driven by higher jet fuel costs.

So, why are the shares climbing higher again now?

There hasn’t been any price-sensitive news out of Qantas this week to explain the latest turnaround in investor interest.

It’s likely that this week’s reprieve in oil prices could be helping to boost the airline’s shares higher. Global travel sentiment is also surprisingly resilient.

Trading Economics shows that crude oil fell back below US$89 per barrel on Wednesday from a high of US$105 per barrel last week, driven by progress in the US-Iran peace agreement.

Is it time to snap up the shares before they climb even higher?

It looks like the experts are confident we’ll see some sort of turnaround story in Qantas shares over the next 12 months.

TradingView data shows that the majority (14 out of 16) have a buy/strong buy rating on the shares. Another two rate the stock as a hold. But they all forecast an upside from the current trading level.

The $11.70 average target price implies a potential 28% upside over the next 12 months, at the time of writing. Even the minimum $10.40 target price implies the shares could jump 14% higher. 

The post Qantas shares are climbing higher again! Time to buy? appeared first on The Motley Fool Australia.

More reading

• $10,000 invested in Air New Zealand and Qantas shares 3 years ago is now worth…
• 3 ASX 200 shares forecast to fly 30% to 40% higher
• Could I retire comfortably with $800,000 in superannuation?
• Why I’d invest $10,000 into Qantas shares today
• Looking to bank the final Qantas dividend? You’d better hurry!

Motley Fool contributor Samantha Menzies has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

CSL Ltd (ASX: CSL) shares have passed $180 this week and are now eyeing the $200 mark. At the time of writing, the share price is $180.04, up 6% for the month and 27% over the past 6 months. Zooming out, CSL shares are still 10% lower over 12 months.

The ASX biotech stock has been through a difficult period. Earnings have faced pressure, Vifor has become a headache, and investors have questioned when the company’s growth engine will fire again. Now, the focus is shifting to recovery.

Here are three things that could determine whether CSL shares will actually get there.

1. Behring needs to fire

The first — and arguably most important — piece of the puzzle is CSL’s plasma therapies business, Behring.

Management is targeting mid-single-digit revenue growth in FY27, with immunoglobulin growth expected to land in the mid-to-high single digits. That’s encouraging on its own.

But revenue growth alone won’t cut it. Investors will want to see that growth flow through to the bottom line. If Behring can deliver stronger volumes while improving profitability, CSL’s earnings trajectory could start looking considerably more attractive.

2. Vifor needs to become less of a problem

Then there’s Vifor. Management expects Vifor revenue to decline by around 25% in FY27 amid generic competition and other headwinds. That’s a sizeable drag on the group.

The good news for CSL shareholders is that the rest of the business doesn’t need Vifor to boom. It needs Behring and Seqirus to demonstrate enough momentum to offset the weakness.

If that happens, investors may increasingly look beyond Vifor’s near-term problems and toward CSL’s longer-term earnings potential instead.

3. Margins need to expand

The third catalyst is efficiency. CSL delivered around US$176 million of cost savings in FY26 and is targeting further transformation savings in FY27.

That matters because margin expansion can turbocharge earnings growth. If CSL can grow revenue while simultaneously trimming its cost base, earnings could grow faster than sales.

And that’s the kind of dynamic that gives investors a reason to reassess how much they’re willing to pay for CSL shares.

So, what about $200?

CSL’s FY27 guidance currently calls for roughly 5% underlying NPAT growth at constant currency. So a sustained move above $200 may ultimately require investors to believe FY27 is the starting point of a multi-year earnings recovery, rather than the end of one.

Behring growth, margin expansion, and a stabilising Vifor business could therefore be the three ingredients CSL needs to pull this off.

There’s also a potential kicker sitting quietly in the background. CSL plans to buy back another A$1.1 billion of shares in FY27, which could provide additional support to earnings per share even without a single extra dollar of revenue.

The post Can CSL shares hit $200? 3 things that need to go right appeared first on The Motley Fool Australia.

More reading

• Up 98%: Are CSL shares now a buy, hold or sell?
• How much could the CSL share price rise in the next year?
• CSL shares are back near $180. Here’s the level I’m watching
• Why brokers think CSL shares could be on track for $200
• Buy, hold, sell: Coles, NAB, CSL shares

Motley Fool contributor Marc Van Dinther has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL. The Motley Fool Australia has recommended CSL. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Whitehaven Coal vs New Hope shares

When it comes to Australian coal stocks, Whitehaven Coal Ltd (ASX: WHC) and New Hope Corp Ltd (ASX: NHC) both shine as prominent, dividend-paying, resource-heavy businesses. If you’re looking at coal shares for value or income, these two are probably near the top of your watchlist. But which one offers better value right now? Let’s break down the fundamentals and differences that really matter for investors weighing up Whitehaven Coal vs New Hope shares.

The case for Whitehaven Coal

Whitehaven Coal is one of Australia’s leading coal producers, exporting both thermal and metallurgical coal primarily to Asian markets. With its core operations in New South Wales’ Gunnedah Basin and recent expansion into Queensland’s Bowen Basin (through the Blackwater and Daunia mine acquisitions), Whitehaven now generates roughly 70% of its output from higher-margin metallurgical coal. According to its most recent profile, Whitehaven also sold part of its new Queensland assets to Japanese steel giants, bolstering its balance sheet and partnerships.

Looking at the numbers:

• Market cap sits at $6.37 billion, making it the larger of the two rivals.
• Its P/E ratio is 16.52, well below New Hope’s.
• Dividend yield is a modest 1.26%, but those payouts are fully franked.
• Year-to-date return is 3.6%, suggesting limited recent price momentum.
• EPS is $0.48 per share, and the company currently pays $0.12 per share in annual dividends.
• Dividend history shows some volatility, with larger special or final payouts in certain years.

The case for New Hope Corp

New Hope is an established Australian thermal coal producer, mainly operating the New Acland and Bengalla mines. The majority of New Hope’s output is also exported, positioning it as a beneficiary of Asian energy demand. Production volumes and reserves, according to its company profile, are robust enough to support the business for decades, and the ongoing expansion at New Acland could drive further growth. New Hope also holds a minority stake in a metallurgical coal asset, but thermal coal makes up almost all of its revenues.

On fundamentals:

• Market cap is $5.10 billion, smaller than Whitehaven, but not by much.
• The P/E ratio is 33.58—a lot higher than Whitehaven’s.
• Dividend yield is 3.92%, fully franked—significantly higher than Whitehaven’s current payout.
• Year-to-date return is a whopping 60.8%—a sign of very strong price momentum lately.
• EPS currently reads $0.19 per share, with $0.60 per share paid out as dividends.
• Dividend payments, according to the recent payment record, have been sizeable and frequent, including several special dividends.

Valuation comparison

With both companies in the coal space and at similar scales, the contrasts in valuation and yield stand out. Here’s a side-by-side look at the most relevant metrics:

Metric	Whitehaven Coal	New Hope
Market Cap	$6.37 billion	$5.10 billion
P/E Ratio	16.52	33.58
Dividend Yield	1.26%	3.92%
Earnings per Share (EPS)	$0.48	$0.19
Dividend per Share	$0.12	$0.60
Year-to-Date Return	3.6%	60.8%
Franking	100%	100%

Note: New Hope’s reported P/E ratio may be based on a different earnings measure (e.g. underlying or forward earnings) than the EPS figure shown, which is why they may appear inconsistent.

If value means paying less for each dollar of earnings, Whitehaven’s significantly lower P/E ratio stands out. But if income is your focus, New Hope’s current dividend yield is notably higher. That said, New Hope is actually paying out more in annual dividends than its listed EPS—investors should be mindful and look into whether this level is sustainable going forward.

Recent share price performance

Comparing 24 August to 21 September 2026:

• Whitehaven Coal shares moved from $8.09 on 24 August 2026 to $7.75 on 21 September 2026, falling around 4.2% over this period.
• New Hope shares went from $5.90 on 24 August 2026 to $6.05 on 21 September 2026, up about 2.5% in the same stretch.
• Year-to-date, Whitehaven is up just 3.6%, while New Hope has soared 60.8%—a phenomenal run.

Which is the better buy?

This is one of those rare coal sector battles where value and momentum tell different stories. On pure value, I think Whitehaven Coal edges ahead—with a much lower P/E ratio and a solid underlying business that has just bulked up its metallurgical coal presence. For yield hunters, though, New Hope is handing out far more cash (at least for now) and rewarding shareholders with bumper dividends and franking.

However, I’d be cautious: New Hope’s dividend per share exceeds its reported earnings per share, suggesting that its payout may not be sustainable longer term or could be supported by special dividends or reserves. On the other hand, Whitehaven’s yield is relatively low for a resources stock, but the company has delivered some chunky dividends in previous years, and its business mix is shifting toward higher-value metallurgical coal.

If I had to pick now, I’d lean toward Whitehaven Coal as the better value buy. It’s trading on a much lower earnings multiple, and recent acquisitions offer upside. New Hope looks great for yield and momentum, but its higher valuation and the question mark over dividend sustainability nudge me toward Whitehaven—for the long run.

The post Whitehaven Coal vs New Hope: Which ASX coal share offers better value today? appeared first on The Motley Fool Australia.

More reading

• Bought $5,000 worth of New Hope and BHP shares 5 years ago? Guess how much passive income you’ve already earned!
• Soul Patts vs BHP: Which ASX share is best for beginners?
• Guess which ASX 200 stock was downgraded to a sell rating
• 5 things to watch on the ASX 200 on Monday
• 13 ASX shares with ex-dividend dates next week

Motley Fool contributor Laura Stewart has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial draft. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.