sabre,if vba ceased operations tomorrow their net assets would...

sabre,

if vba ceased operations tomorrow their net assets would be worth 80c per share.

BUT,

this year they will lose net assets worth approx 30c/share.

so the market figures 50c is what vba are worth right now.

BUT,

lets assume their asset value has been overstated by 25%....because thats what airlines do and if oil prices remain high airline assets will be worth less.

so lets reduce their net assets at the end of the year by an arbitrary 25%.

50c - 25% = 37.5c.

vba will be closer to 37.5c sooner than they will be closer to 80c.

cheers