Ann: VAH Announces Outcomes of Capital Structure Review,AIZ-VAH.AX, page-19

If I would follow your argumentation, the SP should be much higher today, given that it was around 40 cents when The Virgin Australia Group reported a net loss of A$93.8 million ($71.8 million) for the full year ended June 30 (FY2015). At least there is some NPAT this FY.

More to the point, isn't the expected future earnings what matters to the SP? From all sources that I have access to I have calculated an average 2017F of $215.7, which would give me at your pe15 a sp of 42c. Have I got this correct, as this does not look ugly but back to where we were only a few weeks ago?