Flybe: Up, up & away....

The Flybe AGM and trading update yesterday was all very upbeat with Q1 trending upwards and core business doing very well. What really pushed shares though was new (house) broker Numis publishing a report with a 132p price target and a 190p DCF target. Clearly Flybe is throwing off loads of cash now and that should confound the sceptics. Seems like a classic private equity turnaround and all management seemed happy for the numbers to show through and then see how market values the business. Exiting the unwanted jets is still a major priority and I suspect they have a high chance of success which is an immediate extra trigger. So I stick to my target of 20p eps and 10x PE: no selling before 200p......