100% correct silverblizzard. The stock is a bargain, with a great yield and lot of growth ahead.
As PT points out airlines are volatile therefore PE's tend to stay low. Of course many of the same investors who suggest airlines are risky are happy to buy 'hot' tech stocks... but hey.
Personally I'm happy to own cheap stocks, it reduces the downside. Plus even if the stock stays cheap on PE, with earnings rising 25% pa and a 7% yield on top its a tasty investment. Any re-rating would be icing.