Worrying about volcanic eruptions, a collapse in the stock...

Worrying about volcanic eruptions, a collapse in the stock market, a financial crisis in Europe, that magic moment in August ... all these things are unpredictable events so factoring this into an investment decision means one would never buy anything, most of all an airline (which is why VBA is priced so low, negative sentiment).

But the fact remains, this stock is cheap. The enterprise value of $600 million is no where near the set up cost for a business of this type. It's well below book value so there's another layer of safety. Ultimately return on equity will dramatically improve (it's cost structure is far better than Qantas) and as a consequence so will the stock price.