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@Poker "You have absolutely no idea what goes on behind the scenes. You dont even know if , having agreed to take part ina COVID rescue fund raise a dividend after the COVID famine was part of the agreement to buy new shares.."

Seriously, what are you even talking about, don't know this, don't know that, blah blah, dabbling into conjecture. It doesn't matter what pressure or lack thereof the CEO is under, it's ultimately their responsibility to not buckle under pressure and do what's best for the firm - are you trying to justify that paying a dividend last year was best for the company? Look at easyjet for a comparison; the founder and major holder Stelios publicly put extreme pressure on the CEO to change strategy around covid days but he didn't buckle and made the company much stronger in the process.

I don't understand your personal affection for the CEO - it is borderline daft.

@JamesOxford: do us a favor and take a break. I have read all your comments so far and they are just complete bull.

@Pokerchips, I know you have been defending the CEO over the dividend and I do think there's some merit in that argument but at the end of the day the buck stops with CEO; knowing the wage/inflation pressures the company was facing, it wasn't a prudent move, doesn't matter how much pressure he faced from investors.

Hopefully, that debacle should now be in rear view mirror and giving credit where it's due, he has made top level cxo changes at all businesses except ALSA and those changes are starting to show green offshoots.

Just for context, if Mobico were to sell off everything else other than ALSA, they should be at least debt free and ALSA looks set for a £200m operating profit this year which in itself should give us a valuation of circa £1.6bn which is equivalent of a share price of around 260p.. tells you all you need to know how bonkers the current share price is.

Cheers @HopelessValue

This will be a slow grind up to 90 beyond which we need to have the US sale news to take this above 150. Otherwise me may linger on for another year or so below 100. Nevermind, got the patience to wait and now close to breakeven too so no need to micro focus on this one for a while.

Decent day overall i guess; hopefully 50s are not coming back. Anyone listened to the presentation, can please share TLDR on hybrid debt discussion?

@Mary, I doubled up at 580ish. Will try your add/trim strategy on the new lot at least until such a time UK shares start trading at decent multiples. Some of these companies are ripe for a takeover though.

How broken is this market, a growth company reporting good results trading at a pe of c 4ish and what does the market do after looking at the results, another 3% cut

@savage: I have seen a fair share of jer.k.s in my time but have to say you perhaps beat them all.. now go to your lovely wife and tell her she didn't marry a complete loser, you are at least a front runner for top jer.k award at lse board

@Hindy: wondering where you were when the sp was going up despite your predictions of further fall.. unfortunately you don't seem to be any different from those scumbags who start posting nonsense on BBs when any share starts sliding

Cash is not meaningless. Comparing cash with market cap is meaningless when you have a huge net debt, that's what you were doing or giving the impression of doing.. that is meaningless and misleading..

Cash of 1.8b only tells you that there isn't an immediate cash crunch lurking around, doesn't give me comfort beyond that.. that's how i see it while you of course can have your own opinion and I wouldn't tell you whether you should be 'playing the market' or not!

Total cash is meaningless and we should conveniently forget the net debt number? even with this crash, wizz has got higher EV than Easyjet which doesn't make sense.. either wizz is going lower or easy going to fly.. just my opinion

Boys, pls keep the politics out. Neither party is here to do broader good for the country, they are just here to promote their own self interests.

I will only note one thing here: a lot of fuss has been made of pay rises. I would encourage anyone who doesn't agree to look at the average pay for professional workers such as doctors and teachers around the world. Even in poor countries, these professions are paid relatively much better. I wouldn't even blink an eye if the teachers secured a 50% pay rise. You need to remember not to look at these pay rises in isolation. For years, these professions have been underpaid for the type of important work they do and were infact receiving direct or indirect salary cuts for years. A basic pay of £37k for someone who has worked their back-side off and are going to be handling your and my life in their hands is still grossly underpaid.

@MadMat: yes net cash doesn't mean they don't have any debt; just means you have more spare cash or cash equivalent compared to your debt and the only two reasons a company would do this is either their ROCE is far greater than debt interest or they want spare cash to consider takeovers etc. I think both applies in case of easyjet.

I was replying to your 'debt pile' comment - a net cash position is the complete opposite of debt pile; you may have confused easy with wizz

I seriously don't understand when the so-called 'experienced investors' pay heed to broker ratings.. it's an open secret that brokers follow the share price with a mark-up or mark-down, share price has gone down so has the broker target. If easyjet sp were to be 600 today the same brokers, with the same market conditions, would have a range of 700-900.

Debt pile, wow madmat, this is the laziest post i have seen in weeks, just a glance at the trading update tells you that easyjet has net cash

So just finished looking at the results for the third time. My analysis: easy holidays business is looking likely to report close to £200m EBIT for the year and is fast growing. It would not be unfair to value such high growth business at 10x of EBIT which gives you £2bn valuation. Add to it the likely year-end net cash position of £700-800m. That takes you to £2.8bn which isn't too far from where we are now £3.4bn. £600m left for Easyjet's core business which was valued at close to £6bn enterprise value 5 years ago before the pandemic.

For those who will bring out market & geopolitical risks here need to realise those risks have always existed for airlines. I can't think of a better stock to invest in at this stage which such a valuation mismatch.

Thoughts welcome!

@affmaead: very simple explanation for it: nothing better to do in life.. all boards have their fair share of scumbags

I would be very surprised if there hasn't already been unsolicited takeover offers. The board is not under obligations to reveal though so we may never find out

Rights issue at 410 is meaningless. What we need to look at is the theoretical ex rights price which was 638 after the rights issue. That's the number we need to compare today's SP with. That's over 30% down with no net debt and fast growing holiday business. Figure!