The markets are nervous and are being driven downwards by negtive sentiment on the back of weaker than expected indicators of cosumner speanding in the UK and the US and the continued emergence of credit losses in banks due to the sub-prime fall out. When this happens, the specifics about individual company performance become lost in the noise. Until Jet2's parent (The Dart Group) announces a pre-close trading update or its annual results (June) it will be difficult to establish whether the company is fairly valued or not. The fact you could, in theory at least, buy the combined businesses of Jet2, Jet2 holidays, the Royal Mail contract and Fowler-Welch Coolchain for £80m LESS the value of LBA (which is dependant on Jet2 for over half it's business) has a rather odd ring about it.
Fowler-Welch Coolchain represented about 1/3 of Dart's total revenues in 06/07 so one assumes it is a material driver of Dart's overall value and the company is of course this curious mix of haulage, scheduled passenger operation, tour operator and mail/cargo airline and none of the individual components exist as listed companies in their own right. PM holds 40% of the equity which adds a further layer of complication to any bid should he not want to sell or breakup the company. One thing I think we can all guarantee though is that PMs personal shareholding will have devalued from c.£90m to £22m so all things will have been or will be considered closely !