MAP's NTA would appear to be negative but nothing like $2.33...

MAP's NTA would appear to be negative but nothing like $2.33 negative. Possibly around 50c negative.

But that line of analysis is fairly spurious. There are many kinds of "intangible" assets, some of them are actually worthless and other types are not worthless. MAP's monopoly rights are certainly worth something.....

The more compelling question with MAP is whether its earnings and distributions can be maintained. The cycle of increasing valuations and debts cannot be sustained. The cycle of complicated and tricky asset shuffles between Macbank satellites probably cannot be maintained. The ability of MAP to benefit from the progressive restructuring of the aviation and airport market in Europe due to the growth of the low-cost aviation model will end - not because of pressure on the low-cost airlines from oil prices, but simply because the industry restructuring will come to an end regardless.

That said, MAP is already well off its highs and I dont particularly envision it going much lower.