Nice job of dodging the question.
We get that you don’t like share buybacks. The decision to buy back is made by the board, the members of which don’t have KPIs linked to EPS but are elected by the owners of the company.
They obviously believe that a lot of the profits are better used for shareholder returns than new aircraft.
Let’s see your analysis that shows the capital cost of new aircraft, revenue modelling for the life of those aircraft, cost base modelling for the life and your cost of capital workings and hurdle rate. Excel format is ok. Standing by.