"It will be extraordinarily tough to get to these numbers by the financial year 2022, given the likely shape of the recovery curve that most airlines around the world are planning," he said.
"Further, because of the likely ongoing concerns from some traveller segments such as corporations for business travellers, most airlines don't believe that historical price stimulation will necessarily work here to help accelerate the recovery."
At last, some analysis by someone who does have a clue as to where this is all headed.
Clearly not towards earnings of $1.2 billion in FY 2022.