Aegis Value Fund / Aegis Financial Corporation on Jet2 plc

Aegis bought Jet2 because it sees a strong operating business trading at a modest valuation. Jet2 is the U.K.'s largest package holiday operator, has a loyal customer base and was trading at roughly 6-9 times earnings despite continued strong financial results. The balance sheet held around £2 billion of net cash against a market capitalization of roughly £3 billion. Aircraft orders placed during the pandemic were likely secured at attractive prices and support continued expansion into underpenetrated markets such as Gatwick.