I think 1.40 EPS factoring in dilution at slightly improved...

I think 1.40 EPS factoring in dilution at slightly improved margins to reflect cost-out is achievable when things get back to somewhat normal.

Wouldn't surprise me to see $3bn of topline beaten in 2022. The amount pent up consumer demand for travel is like a spring coil ready to explode. This 'lost year' of travel has will create FOMO consumer behaviour. Just consider all the banked annual leave from workers, gap-year'ers who feel like they've missed out, boomers who have taken a year off from spending the kids inheritance etc. That's purely leisure, corporate travel is another beast. IMO 1H21 will see record corporate travel in Australia.

At 17x earnings (that seems to be their past decade trading range) puts a price of ~$24.
Wouldn't surprise me to see a premium above 17x driven by sentiment.

I'm somewhere in the middle of this cat fight but i'd punt that it goes+ $7 to $25 before it dives -$7 to $10.