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You are right.

Last time when Qantas started Share buy back, the unit value of QAN was around 2.5 (up or down), when they stopped buy back, the value went up and up and now its more than double.

Qantas has started share buy back again and considering the announcement in August 2017, which states the partnership between Emirates and Qantas gets renewed for 5 years, means the share will continue to rise.

Like i said for VAH (Virgin), their partnerships specially with Etihad will if not today, than tomorrow help them grow. Same applies to Qantas with Emirates.