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I see that Yahoo has DAL Market Cap = $123m and EV = $12b based on a share price of $0.78.

So I was curious as to what DAL's fleet is worth if the company was liquidated.

This site lists its fleet composition:

I count 533 craft. To cover its $12b in EV, they would have to get about $22m per plane.

And here is a site that gives Boeing's price list:

I realize that these are new craft but I was struck that they are so much more expensive. My impression is that aircraft don't depreciate anywhere near as fast as cars do. My dad owned a used single prop Piper for several years and sold it for about what he bought it. It just seems to me that DAL's fleet is worth more than its debt even if the business model is horribly outdated.

Any thoughts about this line of thinking? It seems that no one wants to touch these stocks.
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