I think the stock is undervalued but I must say this:1. If VBA...

I think the stock is undervalued but I must say this:

1. If VBA make a profit they are doing well. I still think they may be looking at breakeven.
2. Passenger number may be up form last year, however, the market is forward looking and the fact is that passenger numbers have fallen over the past couple of months which will continue next year.
3. NTA does provide some type of value. That is, some saying it will go broke, well I don't buy that as it will be taken over BECAUSE it presents a cheap acquisition of their fleet (60c per share). So NTA is actually importnat is you are talking about the possibility of a company going under. Also, long term the SP will better reflect NTA.
4. All unclear about the oil price benefit. We know they have used options (collar) and will lock in a profit on the back of it. However, how is it in fact structured? That is, with oil falling below $90, are VBA receiving 100% of the benefit.

Ninie, also, if you look at their presentation (not the annual report), they do mention that while challenging, they hope to make a profit. So, I would think making a $ will be seen as a positive.