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Scott, thank you for a good article. I applaud the structure of your in-depth review process. I suspect you will encounter many subjective issues requiring a ‘gut call’. An example is Aviation Airlines (AQZ). It sits in the Passenger Transport Services sector along with QAV REX & Air NZ etc. There are 8 participants including AQZ.

But, AQZ is distinctly different from the others in that its revenue is not dependent upon collecting a fare from the consumer. They operate FIFO contracts into Aussie mine fields where they get paid for a full plane or one bum on a seat + they have pass along arrangements whereby the POO movements (no pun intended) are the responsibility of the mining company. Plus, they operate an expanding fleet of wet leased E190’s to QAN. That is they provide the plane, crew and in flight comforts for an hourly fee. In this sense, they are really financiers, not passenger transport services.

Just a different slant on the matter. All the best.

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I love this comment. It is exactly the type of insight that I was hoping to get back from our community when we decided to share this research in public as we went.

Thanks Damien, this will definitely factor into our thinking

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