Rise to $6.00, page-9

Everyone has their own way of calculating and predicting share prices, so I think stick with whatever works for you. For me, I can't see why there is so much focus on the comparison between market cap pre-Covid and now, at the expense of other factors that govern share prices. Many people are treating the former market cap as the reference point for what it should be now (at least) and rating WEB over- or under-valued as a result. I don't get it.

So much has changed since back then, and so much has yet to change, I can't see how market cap is a useful barometer. It's a rough guide at best. There are many new things to consider that were not relevant to the fundamentals back then (e.g WEB's trimmed running costs, that are probably permanent). There are many that have not become apparent yet (e.g how many competitors go under; what kind of acquisitions WEB makes; what the post-Covid world travel market looks like), and so many X factors (e.g will WEB be taken over or merge?; will international travel be back next year?).

I agree with the comment about hype running ahead of reality, and regard the automatic equation of vaccine = back to normal travel, is too optimistic. Positive news on vaccines and borders certainly helps our inherent need to feel positive about our investment (unless you're a shorter) but for my money there's way too much unknown at the moment to make a good case for buying or selling, and certainly not enough to be making predictions on the share price.