Just been readingToday 14:27
Analysing the value of easyJet's owned assets, Citi estimated the fleet was worth between £4.25 billion and £5.25 billion, based on both the book value of the aircraft in easyJet's accounts and an assessment of market values for the Airbus jets adjusted for age.
After adding cash and deducting non-lease debt, the broker calculated that easyJet's shares trade at only 0.5-0.6 times the net value of its owned assets.
That implies a valuation of between 770p and 890p a share, compared with the current share price, suggesting potential upside of 70-100%.
Analyst Conor Dwyer said the exercise was intended as a rough assessment of underlying asset value rather than a formal takeover valuation.