So if the price is based on 15.6 earnings for 2012 there is definitely a lot of potential at STN. Pax figures have been declining since 2008 (circa 24million?) to around 17 million last year? So
if MAG can turn it round and attract new business (and stop incumbent operators reducing/leaving) then it could prove to be a very shrewd move.
The decline at STN in terms of pax numbers has been pretty spectacular - almost a third of your customers in 5 years
You have to ask the question about the management strategy over the last few years.....
A4