$500m = 32 cps after tax. 10 year average PE is 11. I believe one could legitimately make a good case that the intense level of competition currently being experienced is amongst the very strongest they've seen in their 77 year history and yet the resilience of their business is such that they're still making a very healthy profit.
I will leave people to decide for themselves what PE they think is right for whatever part of the cycle they think the airline is at. I will only say that I am very comfortable with my current holding and the current price and am confident of the very strong dividend yield case that's supporting my investment decision.