RE:AC-Ability to generate cash– From 2010/2019 and 2021+I could pull apart Rouge's whole arguement but I will just address one issue so not to confuse the boneheads! Let us look how Rouge treats the affect of oil prices on his $100 share price scenario. His comment "it's only 20% of overall costs" note how its only downplays the affect of oil and shows he does not have a clue of what he is talking about. Even the un-educated who see his comment of "only" is bonehead at best/
First yes NA airlines show about 20% of their operating budget goes to fuel. However it is not only 20% it is the single largest cost for airlines. Now a couple of things to consider. AC's fuel cost typically is slight higher than US carriers. As I recall pre-pandemic 2019 it ran around or just over 22%. Next realize the average cost of oil in 2019 was $56 a barrel right now it is running closer to 80 so over 40% higher. Needless to say ticket prices must rise considerably to offset the higher fuel charges. Simple supply demand curve show price rises demand goes down.
$56