Share prices do not always reflect reality. As Alan himself has said the sum of the parts do not equate to the whole. The value on all the individual parts of the QF group would add up to a far greater sum than Qantas current market capitalisation.
Why is this so?
I believe it is because of current and previous executives mismanagement. It's hard to see an upside to the share price without cleaning out the people who got us here in the first place.
Essentially current Qantas management are the reason why the company is performing poorly and why the share price is underperforming. Investors do not have confidence in current management.
If Alan Joyce himself were a company and you could buy shares in Alan Joyce the returns to date would be remarkable, year on year profit increases (wages), with no capital investment. However questions would start to be asked about how long term viability of AJ inc. How can AJ inc keep producing massive increases in profit when essentially the service it provides is bad for the customer (QF). About now would be a good time to divest of AJ inc.
This in turn would provide a boost to QF share price and profitability as Qantas would no longer have the anchor that is AJ inc.