The airline has also announced it will repay $650 million of debt ahead of its due date as it moves to strengthen its balance sheet. "The board believes the current Qantas share price does not reflect fair value of the group, particularly considering the underlying strength of its domestic, loyalty and Jetstar businesses and the proposed partnership with Emirates," chairman Leigh Clifford said in a statement on Thursday. Qantas shares last traded at $1.23, well down on the $1.815 they were worth at the end of March - their highest point in the last 12 months.