Aegis Value Fund on Jet2 plc

Aegis bought Jet2 at a modest valuation relative to tangible book value and earnings. The company is the UK's largest package-holiday operator, has a loyal customer base and was trading at only about 6-9 times earnings despite strong financial results. Its balance sheet held roughly £2 billion of net cash against a market capitalization of about £3 billion. Aegis also believes aircraft orders placed during the pandemic were likely secured at attractive prices and support continued expansion into underpenetrated markets such as Gatwick.