Skipness One Echo..
Simply disagree...With your second statement that MAG would cut loose EZY over a larger EXS base in an instant is loose thought,would you not reason that for MAG it is far more positive to work with both?.
A lot of funding was made available for MAG to acquire STN so win/win situations will be in play not win/lose.
You do not address the supposition that EZY & EXS are different marketing models to quite a large extent.
You also do not acknowledge that even if static the network inc the domestic network is a valuable asset to EZY & it would not be credible to have no presence at London`s third airport & to cede presence & market.
As to EZY`s historical growth at STN that is the result of forces within the London market generally & are easy to identify or well known over a number of years.
Both Ryanair & EZY are good fits in the STN network as is EXS which is bringing the third way to the London market untapped historically for many years.