isnt cash backing about 70c a share, page-20

Well VBA's share price has been in a fairly persistent downtrend relative to Qantas for several years. Its currently at a low point in that relative trend, but there is nothing to show that the long term relative trend will reverse.

Qantas appears to have carried off its fairly risky pincer movement against Virgin quite sucessfully, that plan shows no sign of falling over. If Virgin is efficiently managed it can remain profitable but there is not much prospect of it generating really fancy profits in a market which looks like continuing to be competitive.