Yes it certainly did. Craigs released a research note yesterday on the back of the June Operating Stat's which round out the FY15 year. Pretty much how I saw it as I commented earlier in post #2964.
Brief overview of their comments.
Rating BUY Price Target $3.30
Air has a strong year and has a strong near term outlook.
AIr has guided to FY15 Profit Before Tax of $520-$530m (excl VAH), up 58% YOY.
FY15 group operating metrics were strong with AIR managing to stimulate demand to match significant capacity increases. Importantly AIR has done this without impacting yield.
FY15 Group yield is up 0.2% YOY or 0.9% excl FX.
This is no mean feat given much lower fuel prices and significant capacity expansion and highlights that demand remains robust across their main sectors.
They note the lower currency will be one of the challenges to manage in FY16 as are increased competition.
FY15 EPS estimate 34 cps
FY16 EPS estimate 38 cps Currently trades on FY16 PE of 7.2 times.
Too me this seems too low considering their proven record noted above in terms of stimulating demand to match capacity expansion and a ten year average PE of 10 which you could argue should be higher given 30 year low interest rates and the fact that this company is now growing capacity as well as EDITDA. You could argue that FY16 is a further good opportunity for them to grow demand further in line with further capacity growth due to the current very low oil prices. $999 return special fares to the States, Honalulu or Singapore anyone ?
I concur with Craigs, there is real value all the way up to $3.30 and arguably beyond.