Hard to come up with an intrinsic value for SAN as there are many changing factors with this company and lot of them positive as I see it.
Had a talk to the 2 Goodfellow directors at the last AGM and they seem to expect that return on equity is going to be double digits within a few years.The last 5 years were all below 5.
A positive for SAN also is that new planes have more cargo space this helps with sending higher value fresh fish to markets were they are prepared to pay a premium.
Worth keeping an eye on