Could easyJet shares be 85% undervalued?

The takeover chatter around easyJet has revived questions about the airline’s value. Castlelake reportedly offered around 400p, while analysts’ 12‑month targets average about 430p, suggesting the shares are near fair value or modestly overvalued. Citi’s asset‑based view goes further, estimating easyJet’s owned fleet could be worth £4.25bn–£5.25bn and implying the market cap may be 60–85% below asset value. Castlelake has until 26 June to decide next steps, with reports of a potential MSC partnership to meet EU ownership rules. easyJet cautions that there can be no certainty that an offer will be made.