Have held through gritted teeth this year and have finally exited and happy with some gain. It's run up hard in the last 2-3 weeks on sentiment (roughly doubled in price). It might continue to go up in coming weeks (knowing my luck!) but I'm satisfied and don't want to be greedy (and then see it disappear).
Ideally I should have exited with a better price earlier this week but it is what it is.
I have put it into perspective as to its market cap, in deciding this: - When it was selling tickets at capacity and making lots great profits, it's market cap was around $500m ($4 SP pre capital raise) - currently, it's not selling much and making losses, even though the market is currently expecting it to rebound with a good amount ticket sales soon. However, if it's about $3, the market cap would be just shy of $500m, because of the capital raise done last year that added 30m shares.
I also remind everyone of the ticket sales commission having been reduced from 5% to 1% by Qantas. I don't know if other airlines might follow their lead or have already done so.
I would aim to jump back in if it pulls back. I've made the error of staying in a stock after a huge run up in price in a short space of time, only to quickly see that profit evaporate slowly.
At these prices, I also wonder if a capital raise is being contemplated by management. This is to take advantage of the higher prices and current positive sentiment to issue capital. That would likely be at a discount. Having said that, I don't expect there will be a capital raise since they seem to have decent amount of liquidity, but you just never know.
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