They've dramatically reduced the size of the business until...

They've dramatically reduced the size of the business until international travel restrictions are lifted. They probably believe they can eke out cash flow positive (no guidance of course) , based on domestic rentals primarily in Aus/NZ & Canada , historically only 20/30% of earnings but now likely 60% of earnings on a much reduced capital/cost base. They have made extensive use of the govt support programs which is only proper, they don't appear to have missed anything there. With $26 m cash and low bank debt, we look ok to avoid an equity raise having sold the US fleet, but this is always a small chance ....

But at the end of the day there is so much earnings uncertainty from qtr to qtr in the travel & leisure sector that mkt will heavily discount until we have a vaccine, which shouldn't be too far away though.

Technically we are still in a bearish trend while we fail to close above 30 cents.. I have been accumulating 25/26 area, I do think we will re rate when a vaccine turns up