OK, my apologies, never realised the earlier post was referring...

OK, my apologies, never realised the earlier post was referring to this latest announcement. Yeah, thse are impressive results - absolutely agreed. The most important number there is growth in the core Webjet business (TTV) of 28%. This is about 100m growth in TTV for second half of FY 2015 versus pcp. Small, compared to FLT TTV, but worth keeping an eye on.

I won't be losing sleep on the basis of one reporting period. I think the industry will continue to change such that FLT will probably continue to lose lower margin business. When I ask myself what competitive advantage someone like Webjet has, I really can't think of an adequate answer. To win in that game, scale is crucial, and WEB doesn't have it. So will WEB be around in 10 years? I have no idea. As such, I cannot value it. If I can't value it, I can't buy it.