chart, page-172

I believe you're the one setting price targets. I haven't set one. I was pointing out that your analysis does not factor in the capital raise and additional shares issued last year when expressing the share price comparisons you've mentioned above. So it's a bit misleading.

I agree, as most here would, that there is positive sentiment with travel and this could potentially drive up prices.

I do note that recent broker 12-month price targets are for no more than about $3. From low $2 to $3. That's taking into account potential pent up demand expected post re-opening. I suspect this may have driven the pull back earlier this week from the highs, as HLO reached price targets for some fund managers and they've exited.

Your point about not needing to place much emphasis on the market valuation is fraught with danger for investors. That's almost like saying to buy at any price, regardless of valuation (because sentiment is positive). Could be a recipe for disaster.

Yes - it may have been open since the pandemic but as you know, it's been bare minimum volumes of travel. so travel companies have been making large losses, and this has been propped up or mitigated with government assistance, which is likely to cease as reopening happens.

I do believe in HLO and would hope to buy back in if prices were to cool a bit, but if not, then it is what it is.