noone , page-14

Encore - 60-70m profit is a very bullish estimate - however 60m would see VBA on a p/e of around 5 times - not expensive given bottom of cycle earnings. Market may be worried about V Australia on the back of QAN announcement yesterday. Not much else makes sense - maybe REX needs it's money back and is the large seller? Ticket prices and passenger numbers holding up on the basis of official announcements, annecdotal evidence from myself and other posters. Oil down + passenger numbers steady + ticket prices holding up should all be good news for VBA. I agree that they shouldn't be $2.25 but 31c is an armageddon price. As we all know, short term prices are driven by short term factors, the long term fundamentals of the company will determine if the business in which one has invested will do well or not.